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The"Repo105"Scam:HowLehmanFooled
Everyone(IncludingAllegedlyDickFuld)AndHow
OtherBanksAreLikelyDoingThisRightNow

ContactInformation:
Tips:tips[at]zerohedge.com
General:info[at]zerohedge.com

SubmittedbyTylerDurdenon03/11/201018:530400

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AssetBackedSecurities BankofNewYork Bond Counterparties DickFuld

FederalReserve FederalReserveBank FederalReserveBankofNewYork Lehman
NewYorkFed RatingAgencies TimGeithner TimothyGeithner UnitedKingdom

Abuse/Complaints:abuse[at]zerohedge.com
SuggestedReading:
Makesuretoreadour"HowTo[Read/TipOff]Zero
HedgeWithoutAttractingTheInterestOf[Human
Resources/TheTreasury/BlackHelicopters]"Guide

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Presentingadetailedlookat"Repo105"thenextsoundbitesureto
filltheairwavesoverthenextweeksandmonths,asmoreandmore
banksareuncoveredtobeusingthisborderlinecriminalaccounting
gimmicktomaketheirleverageratioslookbetter.Thisisthefirst
timewehaveheardthisloopholeabusebyabank,beitdefunct
(Lehman)orexisting(everyoneelse).Thereshouldbeanimmediate
investigationintohowmanyotherbanksarecurrentlytaking
advantageofthisartificialschemetomanipulateandmisrepresent
theircapratio,andjustwhytheNewYorkFedcanclaimithad
noideaofthisverycriticalcomponentoftheShadow
Economy.
Fromthereport:
Lehmanemployedoffbalancesheetdevices,knownwithin
LehmanasRepo105andRepo108transactions,to
temporarilyremovesecuritiesinventoryfromitsbalance
sheet,usuallyforaperiodofseventotendays,andto
createamateriallymisleadingpictureofthefirms
financialconditioninlate2007and2008.Repo105
transactionswerenearlyidenticaltostandardrepurchase
andresale(repo)transactionsthatLehman(andother
investmentbanks)usedtosecureshorttermfinancing,
withacriticaldifference:LehmanaccountedforRepo
105transactionsassalesasopposedtofinancing
transactionsbasedupontheovercollateralizationor
higherthannormalhaircutinaRepo105
transaction.ByrecharacterizingtheRepo105
transactionasasale,Lehmanremovedthe
inventoryfromitsbalancesheet.
LehmanregularlyincreaseditsuseofRepo105
transactionsinthedayspriortoreportingperiodsto
reduceitspubliclyreportednetleverageand
balancesheet.Lehmansperiodicreportsdidnotdisclose
thecashborrowingfromtheRepo105transactioni.e.,
althoughLehmanhadineffectborrowedtensofbillionsof
dollarsinthesetransactions,Lehmandidnotdisclosethe
knownobligationtorepaythedebt.Lehmanusedthecash
fromtheRepo105transactiontopaydownother
liabilities,therebyreducingboththetotalliabilitiesandthe
totalassetsreportedonitsbalancesheetandloweringits
leverageratios.Thus,LehmansRepo105practice
consistedofatwostepprocess:(1)undertakingRepo105
transactionsfollowedby(2)theuseofRepo105cash
borrowingstopaydownliabilities,therebyreducing
leverage.Afewdaysafterthenewquarterbegan,Lehman
wouldborrowthenecessaryfundstorepaythecash
borrowingplusinterest,repurchasethesecurities,and
restoretheassetstoitsbalancesheet.
LehmanneverpubliclydiscloseditsuseofRepo105
transactions,itsaccountingtreatmentforthese
transactions,theconsiderableescalationofitstotal
Repo105usageinlate2007andinto2008,orthe
materialimpactthesetransactionshadonthe
firmspubliclyreportednetleverageratio.According
toformerGlobalFinancialControllerMartinKelly,a
carefulreviewofLehmansForms10?Kand10?Qwould
notrevealLehmansuseofRepo105transactions.Lehman
failedtodiscloseitsRepo105practiceeventhoughKelly
believedthattheonlypurposeormotiveforthe
transactionswasreductioninbalancesheetfeltthat
therewasnosubstancetothetransactionsand
expressedconcernswithLehmansRepo105programto
twoconsecutiveLehmanChiefFinancialOfficersErin
CallanandIanLowittadvisingthemthatthelackof
economicsubstancetoRepo105transactionsmeant
reputationalrisktoLehmanifthefirmsuseofthe
transactionsbecameknowntothepublic.Inaddition
toitsmaterialomissions,Lehmanaffirmatively

Itwouldbeverywiseofyoutostudyourdisclaimer,
ourprivacypolicyandour(non)policyonconflicts/
fulldisclosure.Here'sourCookiePolicy.

NoticeonRacialDiscrimination.

misrepresentedinitsfinancialstatementsthatthefirm
treatedallrepotransactionsasfinancingtransactions
i.e.,notsalesforfinancialreportingpurposes.
AndhereistheFedpunchline,asitonceagainimplicatesTim
Geithner:
From2003to2009,TreasurySecretaryTimothyGeithner
servedasPresidentoftheFederalReserveBankofNew
York(FRBNY).TheExaminerdescribedtoSecretary
GeithnerhowLehmanusedRepo105transactionsto
removeapproximately$50billionofliquidassets
fromthebalancesheetatquarterendin2008and
explainedthatthispracticereducedLehmansnet
leverage.SecretaryGeithnerdidnotrecallbeingaware
ofLehmansRepo105program,butstated:Ifthishad
beenabankweweresupervising,that[i.e.,Lehmans
Repo105program]wouldhavebeenahugeissueforthe
NewYorkFed.
AndeventhoughtheFedshouldhavebeenfullyawareofanyshadow
transactionbethey"matchedbook"reposorthe"105variety,nobody
hadanyclue.Justwhothehellwasregulatingbanks???
JanVoigts,whowasanExaminingOfficerinFRBNYsBank
SupervisionDepartment,hadnoknowledgeofLehman
removingassetsfromitsbalancesheetatornearquarter
endviaarepotradetreatedasatruesaleunderaUnited
Kingdomopinionletter.
ArthurAngulo,whowasaSeniorVicePresidentinFRBNYs
BankSupervisiondepartment,likewisewasunawarethat
Lehmanengagedinrepotransactionsatquarterend,
underaUnitedKingdomtruesaleopinionletter,wherethe
assetswouldbereturnedtoLehmansbalancesheet
followingtheendofthereportingperiod.Angulosaidthat
thedescribedrepotransactionsappearedtogobeyond
othertypesof[permissible]balancesheet
management."Anguloalsosaidthathewouldhave
wantedtoknowaboutoffmarkettransactionswhere
Lehmanacceptedahigherhaircutthanareposeller
normallywouldacceptforacertaintypeof
collateral.
ThomasBaxter,FRBNYGeneralCounsel,hadno
knowledgeofRepo105transactions,eitherbynameor
design.Baxterwasgenerallyawareoffirmsusingquarter
endandmonthendbalancesheetwindowdressing,but
didnotrecallthisbeinganissuelinkedtoLehman
specifically.
Stunningly,nobodyattheSECwasawareofLehman'sRepo105
program.Andguesswhat:NEITHERDIDDICKFULD.Thisis
unbelievablethecriminalityreachestotheverytop,yettheverytop
deniesallknowledge.
RichardFuld,LehmansformerChiefExecutiveOfficer
deniedanyrecollectionofLehmansuseofRepo105
transactions.FuldsaidhehadnoknowledgethatLehman
treatedanykindofrepotransactionasatruesaleorthat
Lehmaneverremovedfromitsbalancesheetassets
transferredinarepotransaction.Inaddition,Fulddidnot
recallhavingseenanyreportsreferencingtheamountof
thefirmsRepo105activity.Fuldfurtherstatedthathedid
notknowthatLehmanremovedapproximately$49and
$50billionininventoryoffitsbalancesheetatquarterend
throughtheuseofRepo105transactionsinfirstquarter
2008andsecondquarter2008,respectively.Fuldsaid,
however,thatifhehadlearnedthatLehmanwas
temporarilycleansingitsbalancesheetofassetsat
quarterendthroughRepo105transactions,itwouldhave
concernedhim.
Evidence,however,suggeststhatFuldisblatantlylying:
Fuldsdenialofrecollectionmustbeweighedbyatrierof
factagainstotherevidence.Fuldrecalledhavingmany
conversationswithhisexecutivesaboutreducingnet
leverageandemphasizedtotheExaminerhowimportantit
wasforLehmantoreduceitsnetleverage.Thenight
beforetheMarch28,2008ExecutiveCommitteemeeting,
Fuldreceivedmaterialsforthemeeting,includingan
agendaoftopicsincludingRepo105/108andDeleverv
DeriskandapresentationthatreferencedLehmans
quarterendRepo105usageforfirstquarter2008$49.1
billion.ThematerialsalsowereforwardedbyFulds
assistanttootherLehmanexecutives.Itappearsthat
FulddidnotattendtheMarch28meeting,butBart
McDaderecalledhavingspecificdiscussionswith
FuldaboutLehmansRepo105usageinJune2008.
Sometimethatmonth,McDadespoketoFuldabout
reducingLehmansuseofRepo105transactions.McDade
walkedFuldthroughtheBalanceSheetandKey
Disclosuresdocument(reproducedinpartbelow)and
discussedwithFuldLehmansquarterendRepo105usage

$38.6billionatyearend2007$49.1billionatfirst
quarter2008and$50.3billionatsecondquarter2008.

Basedupontheirconversation,McDadeunderstoodthat
Fuldknew,atabasiclevel,thatRepo105wasusedinthe
firmsbondbusinessandthatFuldwasfamiliarwiththe
termRepo105.3524McDaderecalledthatwhenhe
advisedFuldinJune2008thatLehmanshouldreduceits
Repo105usageto$25billion,Fuldunderstoodthatthis
wouldputpressureontraders.3525McDadealsorecalled
thatFuldknewabouttheaccountingofRepo105."
CombingthroughtheAppendixonwhatcollateralwasactually"sold"
(onlytobepromptlyboughtback)inRepo105s:
MostsecuritiesLehmanusedinRepo105transactions
weregovernmentalinnature,implyingacertainlevelof
liquidity.Whilerepresentingarelativelysmallpercentage
ofLehmanstotalRepo105assets/securities,attimesthe
nominalamountofnongovernmentalsecuritiesLehman
usedinRepo105transactionswasquitelarge.For
example,asofFebruary29,2008(theendofLehmans
firstquarter2008),Lehmanutilizedover$1billionof
highlystructuredsecurities,i.e.,CLOsandCDOs,private
RMBS,CMBSandassetbackedsecurities,inRepo105
transactions.Inthemarketenvironmentthatexistedfor
Lehmaninearly2008,thesestructuredsecuritieswere
likelyrelativelyilliquidasindicatedbydeclinesin
originationvolumes,widerbidofferspreads,andhigher
marginrequirements.

InAugust2008,justbeforeitwasover,thefirmallowed$55
million,orsevensecurities,ratedCCCtobeincludedinaRepo
105transaction.

Thenextchartmakesitevidentitthat105swereusedsimplytogame
thefirm'sassetsintoquarterend(yellowhighlights),byreducing
overallassetforleverageratiocalculations.

Thatthisscamwasgoingunsupervised(justwhothehellwerethe
counterparties?)formanyyears,andthatmanybanksarelikelyusing
itrightnowtofoolinvestors,regulators,ratingagencies,andthe
idiotsattheFRBNY(whocertainlyalsoknowaboutthis),isbeyond
criminal.Yetthatnobodywillgotojailforthisisascertainasthe
marketgoingupanother10%tomorrow.Afullinvestigationhastobe
conductedimmediatelyintowhetherexistingWallStreetfirms,andin
particularthosewhouseErnst&Youngasauditors,arecurrently
abusingpublicconfidenceviasuchtransactions.
Fullreport

Repo105

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Strom

Sendtofriend

Thu,03/11/201019:01|262456
Thefullreportavailablehere:

http://lehmanreport.jenner.com/

jbcorwin

Thu,03/11/201021:57|262658

Thankyou!

Karston1234

Tue,05/17/201101:59|1282110

Informationistrulyextraordinary,Iamvery
interestedtoreadthispost
onlinedegree
onlineundergraduatecertificate
collegedegree
fastdegree

mediahuset

Sat,07/09/201101:00|1439182

Heyithinkofyourblogisprettyifoundit
pleasantingoogleandIputonmylistof
favoriteswouldliketoseemorepostsfromu
soon.
sitoagenziaimmobiliare

mediahuset

Thu,06/30/201103:13|1414699

Thisisagreatinspiringarticle.Iamprettymuch
pleasedwithyourgoodwork.Youputreallyvery
helpfulinformation.Keepitup.Keepblogging.
Lookingtoreadingyournextpost.buycelebrex

i.knoknot

Fri,03/12/201000:01|262815

so...onthesefridays,whentheFDIC'receives'abank
andstates:
assets=$100M
liabilities=$100M
costtoFDICtocover=$50M...
Isthiswherethat$50Mhasbeenhiding?,orisitstillinthe
FASBmarktomyth,orbothor?

jessiejune

Mon,04/04/201103:24|1131539

theseFridayisreallyanwonderfulltimeandwe
shouldhavemanyfunhereandtherejustlikeMaize
Mill.

JohnSelf

Fri,03/12/201000:47|262855

Notetoall:MoreLehmanfuncomingbyMonday,
whentheywillneedtofileaplanofreorganization,or
elsecedecontroltoanyTom,Dickordisgruntledshareholder
outthere.Lookforthemtofileaproformaversionfornow
anddotheirbesttomaintaincontrolforthenextfewmonths
untilamorecredibleversioncanbehammeredout.Butinany
case,wemightjustseewho'sintheestate'scrosshairsand
whetherthere'sanyrealhopeofreorganizationforanyofthe
units(you'dthinknot,buttherehavebeensomestatementsto
thecontrary).

i.knoknot

Fri,03/12/201003:23|262985

isthatwhythisnewsissuddenlyavailablenow?
arewejustbeing'worked'here?
"therearenoaccidents"
allystelmosfirealongtimeago...

niccy4513

Fri,02/25/201122:21|998848

Passiton.Thisisafecklesspieceoflegislationand
howcanyoutellbcDoddandWhiteHousesupportit.
Bernie,whatwasyourprice,anewlogcabinmuseum
inStrattonMountain.Wehadthemomentumandthepeople
werebehindyouandyouSOLDOUT.AdidasAdizeroAdios

mediahuset

Fri,07/08/201106:30|1435375

carleimurciali
Reallylikeyourblogcontentthewayyouputupthe
thingsIvereadthetopicwithgreatinterestanddefinitelywill
stickyourblogroutinelyforothergreatposts.

mediahuset

Thu,07/28/201109:16|1500706

Whoa!ThatmaybeoneAmazingPageIAppreciateit
SoMuch,WhenijustSavedlikeafavoriteyoursite,
Hopethatyouconstructextramateriallikethat.
tiendaerotica

NedZeppelin

Thu,03/11/201019:02|262458

Hilarioushijinx.Repo105.Likehearingaboutcredit
defaultswapsfortheveryfirsttime.
Fuld=liar.Geithner=liar.
Puhleze,guys,youinsultuswithyourdenials.

CarelessWhisper

Thu,03/11/201019:34|262497

KenFuldhasabadmemoryplusErnst&Andersensaid
the10K'swereAAAokay.

Howard_Beale

Thu,03/11/201021:20|262617

KenFuldIhardlyknewyou.
DickLewis

bugs_

Thu,03/11/201021:41|262648
+1Ernst&ANDERSON!!!!!LOL

hedgeless_horseman

Thu,03/11/201022:51|262739

Pleasedonotusetheterm"auditors"todescribe
Ernst&Young.Theremustbeabetterword.How
aboutcoconspirators?Idon'tknow,callRupert
Murdoch.Heisbrilliantatthissortofthing.

Anonymous

Fri,03/12/201001:24|262886

coconspiratorsworksasdoesboilerroom
operators...

Cognitive

Fri,03/12/201009:57|263119

Dissonance
Youmakeanimportantpoint.Whywouldanyone
believeanypartytothePonziishonestor
truthful?Becausethey'resupposedtobe?Then
explaintometheFDIC,FINRA,SEC,theFEDandso
on.IfthePonzirequiresallpartstofunctionas
expectedinorderforthePonzitosucceedandthePonzi
isclearlysucceeding(atleastfornow)thenallparties
ofthePonziaredishonest.
Auditorsarenodifferentfromanyoneelse.Theyhave
theneedtofindandretainclients,beprofitableandnot
maketoomanywavesiftheywishtostayinbusiness.
Theyknowwhichsideoftheirbreadisbuttered.Since
noonehasgonetojailorevensufferedmuchbeyond
publicdisclosureandalittlehumiliation,whatmakes
anyonethinktheauditorsarenotcorruptwhenthe
auditorsweresigningoffonthisshityearsbeforethe
roofcollapsed?

trav7777

Fri,03/12/201010:55|263154

FRNbugsmaynotwanttohearit,butit'sas
I'vesaid:wearefacinganexistentialcrisis
inpaperwherethere'sadiscontinuity
momentcominginwhichconfidenceundergoesa
phasechange.
Peoplearewakinguptorealizethatit'sall
bullshit...allofit.

Cognitive

Fri,03/12/201011:04|263165

Dissonance
"Peoplearewakinguptorealizethatit's
allbullshit...allofit."
Agreed.Andthisispreciselywhynearly
everyoneisfrozeninplace.Sortoflikethathalf
dream,halfrealitymomentwhenyou're
beginningtoawakenfromalonganddeepsleep.
You'renotsurewhatisrealandwhatisdream.
Consciousness(moreaccuratelytheego)is
beginningtotakeoverbutthedreamworldis
veryseductiveandalluring.
Inthedreamworld,thenationcanendlessly
spendandstilllowertaxes,wherehouseprices
alwaysgoupandcreditcardlimitsincrease,
whereyoucanreplaceyoucarevery23years
anditwouldbenicetohavethatfourthflat
screenTV.Therabbitholeisendlesslydeepbut
onlyifthepublicchoosestoignorereality.

cougar_w

Fri,03/12/201014:00|263411

Realityiswhatyoumakeofit.
Westarteddownthisrabbitholein
1913.Manufacturingrealityisoldhatthese
days.

Fri,03/12/201017:51|263705
Anonymous
anditneedstostopnow!Soare
thoseofusstillintheholewith
our401K'sgoingtobemade
wholeorismisleading
investorsOKyDokythesedays?
TechBob

Fri,03/12/201017:57|263709
Anonymous
anditneedstostopnow!Soare
thoseofusstillintheholewith
our401K'sgoingtobemade
wholeorismisleading
investorsOKyDokythesedays?
TechBob

niccy4513

Fri,02/25/201122:23|998852

itiswonderfultoseeyoupostinginthese
spaces.Astheunofficialresidentautodidact
Ithankyouforprovidingthisexcellent
vehicletoassistwithmyexplorations.peaceneat
receipts

jEnron

Thu,03/11/201023:54|262805
GeithnersteppingdownatTreasury.Obama
nominatingCaptainRenaulttoreplacehim.

Betteryet,makeAndyFastowthisgeneration'sJoeKennedy.

Anonymous

Fri,03/12/201010:01|263122

andMartinArmstrongforvicechairoftheFed.

jEnron

Thu,03/11/201023:54|262806

AnonymousMonetarist

Thu,03/11/201019:06|262463

Howthehellisthisnotfraudulentconveyance?

Anonymous

Thu,03/11/201019:48|262524

Thislooksshadyunderrulesgoverningmisleading
financials,prospectuses,etc.
However,afraudulentconveyancerequiresthatLehmanwas
disposingofassetsatbelowfairmarketvaluetoharm
creditors.Ifanything,Lehmanwas"selling"trashassetsat
inflatedprices.
IfLehmanwasinbankruptcy,theuseofthe"repo"proceedsto
payparticularcreditorscouldbechallengedasapreferential
payment.Ithinkyouareconfusingthepreferentialpayment
ruleswiththefraudulentconveyancerules.

AnonymousMonetarist

Fri,03/12/201010:53|263151

'afraudulentconveyancerequiresthatLehmanwas
disposingofassetsatbelowfairmarketvalueto
harmcreditors'
Ahno...that'slikesayinganinsolventcompanycantakethe
moneytoVegasandtheirguiltisafunctionofwhetherthey
takeahaircutornot...
Ifthebankwasnotsolvent,forexample,creditorscan
examinetwoyearsworthofbonuspayindetermining
whetherexecutiveswillhavetoreturnthepayoutstothe
bankruptcompany'strustee.
Preferencepaymentrulesallowcreditorstolookbackone
yeariftheexecutiveorofficerreceivingthebonusis
consideredan"insider"underbankruptcyrules.Otherwise,
preferenceclaimsextendbackonlyaboutthreemonths.
Preferenceclaimsaremeanttopreventaninsolvent
companyfromfavoringonecreditorattheexpenseof
another.
Therepotransactionsaswellastheothernuggetsunveiled
byZHlayoutthatLehmanwasdoublesecretinsolvent..
ThecatchisthatcreditorsintheLehmancasewillneedto
provethat,consideringthebonuspayoutsforexample,the
bonuseswerenotpaidoutintheordinarycourseof
business.Creditorswillhavetoprovethatpayingout
bonusestomanagerswhoranthecompanyintobankruptcy
wasconsideredbusinessasusual.
Thatofcourseischallengingsincefraudulentconveyance
hasbeeninstitutionalizedbyGAAP,theSEC,therating
agenciesandtheirNancyCapitalistenablers.

Rick64

Thu,03/11/201019:11|262468
Allthistimeandthisistheexcuse.Comeonyouguysare
marketwizardsandgeniusesyoucandobetterthanthis.

Crummy

Thu,03/11/201019:14|262471

AslongasnooneattheSECfearssittingontheirnuts
whiletakingashit,thennooneinonthisscamhas
anythingtofeareither.
Theyneedtostartputtingabountyonuncoveringfraud,thenwe
canstartasortofprivateerforceofregulators.
Ourmotto:Neversendalawyertodoapirate'sjob.

Jesse

Thu,03/11/201019:27|262488
@Crummy

Respect.

Anonymous

Fri,03/12/201001:05|262870

yeahfuckingawesomeideatoosimple.

cougar_w

Fri,03/12/201014:03|263412

YoujustsummedupZH

MilesKendig

Fri,03/12/201023:44|264072

'ceptmanyofusare,infact,Raiders...

AnonymousMonetarist

Thu,03/11/201019:14|262472

IntheUnitedStates,fraudulentconveyancesortransfers
aregovernedbytwosetsoflawsthataregenerally
consistent.ThefirstistheUniformFraudulentTransferAct
("UFTA")thathasbeenadoptedbyallbutahandfulofthestates.]
ThesecondisfoundinthefederalBankruptcyCode.
Therearetwokindsoffraudulenttransfer.Thearchetypalexample
istheintentionalfraudulenttransfer.Thisisatransferofproperty
madebyadebtorwithintenttodefraud,hinder,ordelayhisorher
creditors.

Anonymous

Thu,03/11/201019:14|262473

Hohum.Bankscheat,CEOsandregulatorscolludeandlie.
Howmanytimescanyoubesuddenlyshockedtolearnthe
samethingoverandoveragain?
Eithergetoffyourass,stopcontributingyourownfundstothe
rapistfinancialmarkets,andstartmarchinginthestreets
demandingtogoSwedishonthebanks,orloseyourowncredibility
alongwiththem.

i.knoknot

Thu,03/11/201023:27|262774

don'tbesoquicktodiscounttheeffectivenessofthe
smalllapsofarisingtide.
oneitemisaconspiracy,twois...,threeis...
ibelievemostfolksare'ontheready'toactappropriately
whenthetimecomes.
thisentireprocessisacomfortableremovalofdoubt.

Anonymous

Fri,03/12/201000:15|262829

thefixisinandweareupagainstconnected
parasites,butiagree,everyrayofsunshineis
welcome,sureitmaynotmakeadifference
immediatelyandwehavebeendepletedbytheseblood
suckerforalongtime,butyouneverknowwhenitwilldo
good,itsallwecando,keepexposingthings,maybeone
daywewillflushtheparasites...

PatShuff

Fri,03/12/201009:48|263109

Actingappropriately/carefulwhatiswishedfor
dept.


"Howarevolutioneruptsfromacommonplaceeventtidal
wavefromarippleiscauseforendlessastonishment...
Firstapieceofnewsaboutsomethingsaidordonetravels
quickly,moresothanusual,becauseitisuniquelyaptit
fitsahalfconsciousmoodorcapsasituation...Thefact
andthechallenger'snamegeneraterumor,exaggeration,
misunderstanding,falsehood.Peopleaskeachotherwhatis
trueandwhatitmeans.Theatmospherebecomeselectric,
thesenseoftimechanges,growsrapid,avaguefuture
seemsnearer...
Asfurthernewsspreads,varioustypesofpeoplebecome
arousedfororagainstthethingnowupsettingeverybody's
dailylife.Butwhatisthatthing?Concretely:ardentyouths
fullofhopeastheycatchthedriftoftheidea,rowdies
lookingforfun,andcharacterswithagrudge.Cranksand
toleratedlunaticscomeoutofhouses,criminalsoutof
hideouts,andallassertthemselves...
Suchis,roughly,howrevolutions"feel."Thegainsandthe
deedsofbloodvaryindetailfromonetimetothenext,but
themotivesaretheusualmix:hope,ambition,greed,fear,
lust,envy,hatredoforderandofart,fanaticfervor,heroic
devotion,andloveofdestruction."
JacquesBarzun,FromDawntoDecadence:500Yearsof
WesternCulturalLife1500tothePresent

Fri,03/12/201012:46|263280
YourAverageDebtSlave
Thepowersthatbeletthisinformationcomeout
knowingfullwellthatitwouldnotbereceived
well.ItremindsmeoflastweeksNightlines
pieceon9/11beingaconspiracythatpossiblyismore
thanmeetstheeye.ItremindsmeofPBSairing
freedomtofascism.Sincewhenthehelldid
mainstreammediastartbecomingsoantigovernment?

Thesepiecesofnewsarenothingnew,butthefactthat
thepowersthatbearenowrespondingtotheseclaims
viamainstreammediamakesmesuspicious.Why
releasetheinformationnow?Theyknowthatthe
generalfeelfromJoeSixpackisthatthegovernment
iscorruptandsomethingradicalneedstobedone.
Reportslikethisfrommainstreammediaarejust
gasolineonthefire,almostasiftheywanttheretobe
backlash.Itsasiftheyarethumbingtheirnoseat
taxpayerssayinglookhowcorruptweare,weknowit
angersyou,nowdosomethingaboutit.Iseeevidence
ofthiswhenIreadanonlineWallStreetjournalarticle
andinthecommentsection,90%ofthecommentsare
sayingsomethingabouthowmessedupourgovernment
is.

Sothenthequestionbecomeswhywouldthewant
aggravateus?Backin2008forthefirsttime(thatI
knowof)thenationenactedanarmybrigadetobeon
alerthereinthestates
(http://www.armytimes.com/news/2008/09/army_homeland_090708w/).
DennisBlairafewweeksagostatedthatthe
intelligencecommunitywillifneededassassinate
Americanstheybelievetobeathreattoother
Americans(myreadisthatthismeansthegovernment
asImsuretheCIAwillnotbetakingouttheBloods
andCripsinSouthCentral)
(http://www.democracynow.org/2010/2/9/obama_administration_us_forces_can_assassinate).
Icouldgoonwithwhatsouttherethatmakesme
thinkthisisacontrolleddemolitionofAmericaaswe
knewit.

MyguessisthatwhoeversinpoweriswaitingforSTHF
sothattheycanmakeatremendouspowergrabinthe
nameofdemocracy.Theywillwaitforanarchyto
breakloose,watchacoupleofangryentitled
generationsofAmericansriot,loot,andterrorizetheir
nextstoreneighborsandwaitforthepeopletocome
cryingtothegovernmenttorestoreorder.Oncethat
happens,thegovernmentwillcomeinwithitscapeand
savethepeoplebyimplementingamoretyrannical
styleofgovernmentthanwecurrentlyhaveinplacevia
themilitary.

Whatwasoncefringethinkingandconspiracyisstarting
tobemainstream,andIbelieveitisallarusetoget
thepublicfiredupandreadytoexplode.Oncethat
happensthegovernmentwillhavealegitimateexcuse
forcominginandexertingcontroloverthemasses.
Withourcurrentdebtlevels,tradecap,shittycurrency,
wewillallbehappytotakejobsworkinginfactoriesfor

enoughwagestogetoursliceofbreadforthedaywhile
wepaybacktheChinese,Japanese,andtherestofthe
worldwhilethesamebigwigswhoorchestrated
LehmanscollapsetraveltotheCaribbean.Asidefrom
writingsnarkycommentsonZeroHedgeandother
forumboards,Illjustwaitbackwithguninhandand
waitforthefireworkstobegin.

WaterWings

Fri,03/12/201013:55|263407

+1

cougar_w

Fri,03/12/201014:07|263419

Whynow:Bythetimeanyonestartsdigging
intothisstufftheEuroZonewillbe
imploding,banskwillbefolding,andbigger
shytewillhavehitabiggerfan.
Youthrowyourworstgarbageonabiggerfireand
runaway.

Cursive

Thu,03/11/201019:15|262474
Thesepeopleshouldbefedtothehardencriminalsina
stateprison.We'lllooktheotherway.Theinmatesare
freetodoastheywish.Ireallyhopethisiswhathappens.

Waterfallsparkles

Thu,03/11/201019:18|262479

IthinktheBanksaredoingthisrightnow.Goingtothe
DiscountWindowandpledgingSecuritiesforaLoanright
beforeEarnings.Thatwaytheydonothavetoshowthemontheir
BalanceSheets.AfterEarningstheypaybacktheFedLoanandget
theirSecuritiesback.

RockyRacoon

Thu,03/11/201022:12|262680

Whichtransactions,ofcourse,wecanneverknow
about.Itmightstigmatizethebanks,youknow.What
acrock.Auditthefed!

Anonymous

Fri,03/12/201004:05|263012

IfLehmanhadonlybeendoingthisaquartermaybea
"clever"dressingofthebalancesheet.Butforyears?
Thereisnowayotherfinancialinstitutionshaven'tbeen
doingplentyofthistoo.Doesn'tabsolveLehmanorthe
regulatorsfromtheirdespicableconduct,(perhapsitexplains
the2yearlagindisclosurecuzit'sgonnagetevenmoreugly
aswelookunderthekimonosoftheotherinstitutions)butone
moretimewithfeelingthefinancialsystemisstillinhorrid
shape.Therealcausesandproblemsallstilllurk.Nothinghas
changedexceptpowerandriskisevenmoreconsolidated.
Fastenyourseatbeltsandkeepsomecashandgoldathome.

Anonymous

Thu,03/11/201019:18|262480

Meanwhile,themarketfinishedhigherbasedonvolume3.

blindfaith

Fri,03/12/201011:04|263167

meanwhile,theaverageAmericanhasnoclueand
doesn'twantoneeither...Thesewhitecollarcriminals
dependonthebiasmediatohelpkeepthelidontruth,
andspamAmericawithfunanddumbdowncrap.Itisallin
thegame,andeveryoneisinonthegame.

Anonymous

Thu,03/11/201019:20|262481

Itsgoodtoknowthatashellgameisstillashellgame,
evenwithanIvyLeagueshitticket(MBA).
Whendothesecrooksgettoseesomejustice,folks?!

Orly

Thu,03/11/201021:47|262652
HiKarl.
Niceofyoutojoinus.

i.knoknot

Thu,03/11/201023:30|262777

goodeye...$10buxsaysyou'reright.
isayhe'saswelcomeasanybody,butamamused
bytheideaofananonMO.
heh

CB

Fri,03/12/201008:30|263075
+1
hehheh

JohnSelf

Fri,03/12/201000:50|262858

SomemightlabeltheIvyLeaguedegreeashellgame
initsownright.

SilverIsKing

Thu,03/11/201019:22|262483

Sorry,OTbutthisjustin:
http://www.toledofreepress.com/2010/03/11/obamato
bansportfishing/
WTF?

chet

Thu,03/11/201019:38|262505
Yep!Alsoheisamuslimcommunistwhowasbornin
Kenya!

It'struebecausesomeonewroteitontheinternets!!!1!

faustianbargain

Thu,03/11/201019:42|262515

Sothere'snotgoingtobeafishingban,then?

SilverIsKing

Thu,03/11/201019:46|262521

First,istheremorethanoneinternet?
"It'struebecausesomeonewroteitonthe
internets!!!1!"
Second,ifsomeoneactslikeajerkontheinternet,does
thatmakethemoneinreallife?
Here'stheoriginal:
http://sports.espn.go.com/outdoors/saltwater/news/story?
id=4975762

RockyRacoon

Thu,03/11/201022:15|262684

Ibelieveyouarelookingforthisreference:
http://www.youtube.com/watch?v=LKTH6f1JfX8

Fri,03/12/201002:35|262954
MagicHandPuppet
"uh...Ihearthere'srumorsontheinternets"
Classic!thanksforthelink:)

Anonymous

Thu,03/11/201022:39|262727

You'llhavetoprymyfishingrodoutofmycolddead
hands!?!

CrimeoftheCentury

Thu,03/11/201019:23|262484

Weneedbiggerbonusestokeepourbesttalent!!

Anonymous

Thu,03/11/201019:24|262485

Thecommentsonherearecomical,asifeveryonehadno

ideaofthesystemicfraudoccurringtothissecond.Rotten
tothecoreinplainsight.
Ifthisiswhatisbeingreleased,onecanonlyimaginewhathas
beenscrubbed.
Don'tworry,governmentisheretohelp."Canweseeyourpapers
first?"

Cistercian

Thu,03/11/201020:16|262547

Yesindeed.AndthisreportunderscoreswhyIcallWallSt
theworldsbiggestgameof3cardmonte.
Thereisnobean.

snakeboat

Fri,03/12/201016:53|263643

Newheremuch?

vachon

Thu,03/11/201019:27|262490

TheverypossibilitythatLehmanwouldbefoundcriminally
liablemaygoalongwaytowardsexplainingwhyLehman
couldn'tfindabuyerandwasallowedbyPaulson,etal,tofail.
However,thisraisesahostofotherquestions.Aftereverybody
andhisbrotherhadexaminedLehman'sbooksduringthesellor
dieweekend,thediscoveryofaccountingfraudhadtobenotonly
discussedbutgivenasareasontoPaulsonandGeithnerastowhy
Lehmannotonlywouldn'tbutcouldn'tbebought.
Whatdidthegovernmentknowandwhendidtheyknowit,indeed.

Anonymous

Fri,03/12/201003:26|262988

Theyallknewit,allalong.Atthetimetherewasa
majordiscussionofcreatinga'BadBank'tohold'bad'
assets.
Thefactthatthissolutionwasbeingdiscussedpublicly,using
euphemismslike'badassets'wasamazing.Whatwasactually
beingdiscussedwaslegallyconcealingvast,historically
unprecedentedillegalactivity.Neverintheentirediscussion
wascorrectingthefraud,orarrestingitsperpetrators
discussed.100%oftheeffortwasfocusedonburyingthe
evidence,andpreservingthewealth,powerandpositionofthe
perpetrators.
Everyoneinvolvedateveryleveloftheprocess,fromtheSEC
totheNYFedtoFINRAtotheTreasuryisanaccessory,andan
accomplice.Thereisn'taproblemwiththesystem.The
problemISthesystem.
Popo

Anonymous

Fri,03/12/201007:34|263057

Andaigsbookswerelegit?Comeonnow..lehmanwas
letgobecauseitbenefitedgoldman.Justasanaig
creditfacilitybenefitedgoldman.Everythingbenefits
goldmanwhengoldmanhaspuppetmastersineverycorner.

MilesKendig

Fri,03/12/201023:50|264078

Andwhatexactlywasdecidedatthosediscretepoints
alongthetimeline,whenalongthatlinedidthe
individualdecisionsfall,wherewerethey
announced/implementedandbywhom.

deadhead

Thu,03/11/201019:30|262492

ThankyouTylerandZHforbringingREPO105tothe
forefront.
TheFedandtheSECmustanswerimmediatelytotheREPO105
scandal.
p.s.forallyouurlfans,wwwdotrepo105dotcomisstillavailable.
wonderhowlongthatwilllast???

CarelessWhisper

Thu,03/11/201019:38|262504

goforitdh.it'sonly$11,justmakesureumoveit
offshore.
www.godaddy.com

Howard_Beale

Thu,03/11/201020:55|262591

ANDwww.repo105.comisGONE!SOLD!
Someonelappeditupinnotimeflat.

deadhead

Fri,03/12/201009:01|263087

suredidn'ttakelong!

chet

Thu,03/11/201019:35|262498
IheardaboutthisoutfitEnronthatperfectedthistypeof
creativefinancing.Realwizardsoftheneweconomy,
thoseguys.

Haven'theardanythingaboutthemforawhile.Wonderwhat
happenedtothem....

Crummy

Thu,03/11/201019:55|262532

Dabhol.

JohnSelf

Thu,03/11/201022:25|262701

Honestly,Repo105doessoundalotlikeMahoniaor
someoftheotherEnron"transactions."

MilesKendig

Thu,03/11/201019:46|262520

Whenitallisboileddownit'sjustRomperRoom.

Howard_Beale

Thu,03/11/201020:22|262560

IthinkMissNancywouldlikeyoutositinthecornerfor
sayingthat!

MilesKendig

Fri,03/12/201005:20|263026

Itisreallyquitesadhowthelordsoffinancekeepon
formingcornerstodiein.Me?TherearecornersI
dolikequitewellthankyouverymuch,butIprefer
toconcernmyselfwiththecroprows.Especiallysincethe
futuremaywellbeinagthankstothosekidsthatnever
grewupandfail,strikethat,refusetoapplythelawofthe
streetuntothemselves.Sogoodtoseeyouinsuchfine
formPal.

Howard_Beale

Fri,03/12/201010:39|263144

I'vemissedyouMiles.

MilesKendig

Fri,03/12/201013:42|263389

Thesentimentisappreciatedandreturnedin
full.

Anonymous

Thu,03/11/201019:46|262522

ThishasbeenSOPfor15years....

Hulk

Fri,03/12/201011:13|263174

Notonthisscale.
EnronandWorldcomweresmallpotatoescomparedto
whatiscurrently
transpiring

buzzsaw99

Thu,03/11/201019:46|262523

Lehmandidn'thavebigballzlikeHankPaulsonandhis
criminalcohorts.Itdoesn'tmatterhowmuchtheyliecheat
orsteal.Noonecanstopthem,theyaregods.

RippedChunk

Thu,03/11/201020:02|262540

Thesystemisloadedwiththemalignancyof
derivatives.Thecancerhasspreadtoeveryorgan
worldwide.Itsdominationofaonceseeminglyhealthyorganismis
complete.
LosingLehmanandBearwaslikeremovingsomeofthecancerous
growth.Itstoppednothingthatwasn'talreadyinevitable.
Thepatientisterminal.Weonlyawaitthemomentwhenourdark
overlordswithdrawlifesupport.

deadhead

Thu,03/11/201020:02|262541

forallofyoubankbulls,justkeepbuyingthatcommon
stock.whatcouldgowrong?

Howard_Beale

Thu,03/11/201020:34|262555

Letitkeeprampingmytradeiscoming.Jan2012bear
spreadatthecheapestvolinhistorycomingsoontomy
portfolioonJPM.Butinthelastfewdays,Ihave
startedtowonderwhentheendgamewillbeforsomeofthe
onlinebrokers.IBDhasLloydsofLondoninsurance(LoLin
moremaysthanonesinceIjustrealizednotonlyisittheir
acronymbuttheyarealsointrouble).Hmmm.Counterparties
tomytrademaybeoutofbusinessinearly2012....more
hmmm.Sorry,butIwilldoitasacreditspreadandtakemy
chances.
AsforRepo105shameontheaccountants,Feds,andrating
idiotsthatcouldn'tseesomethingsosimple.Thesepeople
obviouslycannotbebotheredtodotheirjobsorgetpaidtoo
wellnottodothem.Whicheveritis,fuckem.

Orly

Thu,03/11/201021:50|262654
Allowmetocongratulateyouwellinadvanceon
yourmajor,majorscore.

Itwillbeoneforthefamilyscrapbook.

Howard_Beale

Thu,03/11/201022:35|262703

Pleaseclarify...

Orly

Fri,03/12/201011:02|263164
YouboughtLEAPPutsasIreadyournote,in
thebeliefthatthebanksaregoingtotakea
realdrubbingoverthenexttwoyears.

Icouldn'tagreemorewiththatsentimentandit
soundslikeyou'replayingtherightcardsatthe
righttime.
:D

Gromit

Thu,03/11/201022:34|262715
BrokerageaccountinsuranceinexcessofSIPC
limitsiswindowdressing.

Ifthereisoneclaimtherewillbethousandsandthe
counterpartiescannotstandthepotentialpain.
YourtradeisprotectedbytheOCCsoifyoucomeupwitha
bigwinnercan'tyoutransferthepositiontoacustodial
account(cashaccount!)ataTrustcompany?
Biggestproblemformewithonlinebrokersisthattheyare
atthemercyofthefirmsthatclearforthem.

Howard_Beale

Thu,03/11/201022:51|262740

Thatismymainconcernaswell....fearingthe
clearing.

Gromit

Thu,03/11/201023:05|262760

WhichiswhyIopenedacustodianaccountto
holdsomemunisandtobeavailableto
transferinprofitableoptionpositionsto
escapetheSIPCvulnerability.

OnlyproblemI'mpaying30basispointsonmy
munisunnecessarilyasnobrokerhasfailed(yet)
andnoneofmylongshotoptiontradeshavebeen
profitablerecently!ButtheaccountissetupandifI
hitahomerunthat'swherethepositionisgoing.
Asforclearing...myaccountsatThinkorSwimand
OptionshousebothclearthruPNSN,whichhasa
marketcapof100somethingmillion,notvery
reassuring.

dumpster

Thu,03/11/201020:07|262545

everyoneisontothefraud..theyallwantapieceofit..
itisnosecret...itsliketheempererwalkingdownmain
street,,andnotuntilthelittlepersonsays..hayyoupeoplewhere
aretheclotheslol

hambone

Thu,03/11/201020:13|262549

GottasayI'mnotsuprisedbythefindings(depressed,yes,
shocked,no).MydifficultycomeswhenIrealizethatnoneof
thisis"criminal"inAmericaanylonger.Whitecollarlooting
isjustpartofthegamelikebribesinMexico.Stealingfrommy
fuckingpockettoputitintheirsisnowok.That'sjustpartofthe
fabricofourcountrynow.Hmmm,makesyouquestionjusticeand
thelikewhencrimeiscommittedinbroaddaylight,everybody
seesit,butauthorityisonthesamesideasthecriminals...acckkk,
that'sdark.

chet

Thu,03/11/201020:32|262569
Couldn'tagreemore.Thereisnolawforthepowerful.
Tenyearsago,Iwouldhavecalledthataconspiracy
theory.

Thisisacountrywherethegovernmentcanlockupacitizenas
an"enemycombatant",torturehimforafewyearsuntilhe's
insane,whiledoingnothingtobringhimtotrial,getalittle
"slap"fromthejudiciary,andnoonepaysanypriceforit.No
oneisfiredorcalledout,muchlessprosecuted.
Nottocalloutoneadministration.Allpartiesandoligarchsare
involvedinit.
Iusedtobeabletoresorttoourcountry'srespectforlawand
orderasthebedrocktorelyonnomatterwhatpoliticalwhims
wereblowing,butnowIknowIwasmistaken.
We'rebasicallylikepostSovietRussiabutwiththeclasstotry
tokeepupappearancesbetter.

DaveyJones

Thu,03/11/201022:32|262712

+100Infact,thetorturercangetthelawsuit
thrownoutbecauseitmightreveal"statesecrets"
Ah,thepinnacleofjustice.Theenvyoftheworld

digalert

Thu,03/11/201020:16|262553

Uh,youmeanTurboTaxCheatTimmyGeithneris
involved?
don'tsay...

BlackBeard

Thu,03/11/201020:28|262562

Iwannaseesomebodygotojail.Itwouldmakemefeel
better.BernieMadoffwasajoke.Someoneina
substantialpositionplease.

Howard_Beale

Thu,03/11/201021:00|262573

PleaseputupyourlistandperhapsMarlacancreatea
pollofwhowemostwanttoseedotheperpwalk.Mine
startswithBB.Stillwaitingforthelastbankstandingin
Dec2012poll,Marla.
1)JPM
2)BAC
3)WFC
4)C
5)Willtherebeanybanksleftstandingin2012?

BlackBeard

Thu,03/11/201021:01|262595

BFrank
C.Dodd
A.Greenspan
R.Rubin
A.Mozillo
B.Bernanke
T.Geithner
H.Paulson
R.Emmannuel(forpimpinghimselfforFNMandFREjustas
muchasDoddandFrank)

How'sthatforastart?that'sjustastart.There'ssomany
piecesofshitouttherethatneedtobeflusheddownthe
proverbialtoilet.But,that'sallIcouldthinkofin15
seconds.

Howard_Beale

Thu,03/11/201021:09|262604

It'sastart,butitneedstobeinorderofsome
kind.Youknow,wecoulddoanAmericanIdol
thingeachmonthandvotesomeoffintermsof
relevancyandhowmuchtheyactuallymightlikeprison
(oh,Idroppedmysoap,dearme).Basicallylikea
democracy.Ofcourse,sincewedon'tliveinoneitis
hardtoimaginewhatthatwouldbelike.

BlackBeard

Thu,03/11/201021:26|262626

lolgoodidea.Idon'timagineBarneyFrank
wouldevenbotherwithsoaponarope.....

Orly

Thu,03/11/201022:04|262664
1.PBush(posthumously...)
2.GHWBush

3.GWBush
4.WJClinton
5.ZBrzenski
6.HKissinger
7.LBJohnson(posthumously...)
8.FRodriguez
9.AGreenspan
10.TimothyGeithner

Thu,03/11/201022:25|262700
BlackBeard
WhataboutNixon?

CB

Fri,03/12/201008:33|263076

WWilson

FDR

Orly

Fri,03/12/201011:04|263166
Yes,yesandyes.

Wilsonwasatotaltool,
though.Princetonliberalwillmake
theworldallbetter...
Hewasplayedbigtime.

Fri,03/12/201023:23|264054
CB
AlexanderHamilton.

ha.thisgovernmentwas
formed,inpart,by
criminals.

Anonymous

Thu,03/11/201022:20|262691

TheREALaxisofevil..
Iwantabumperstickerstatingsuch...

bugs_

Thu,03/11/201021:44|262650
TacoBellwillbethesurvivor.

Howard_Beale

Thu,03/11/201022:24|262698

LMAO

MilesKendig

Fri,03/12/201005:59|263041

Chief,youcantakethisjobandshovelit!:)

Thu,03/11/201022:59|262749
hedgeless_horseman
TacoCabana=TacoBell+EtOH

Strom

Fri,03/12/201002:41|262957
+Foodthatactuallytastesgood.

Strom

Fri,03/12/201002:42|262958
NiceDemolitionManreference...

deadhead

Fri,03/12/201009:03|263090

perhapsMarlacancreateapollofwhowemost
wanttoseedotheperpwalk

GREATidea!

Anonymous

Thu,03/11/201020:35|262572

Thisissomehugesize$38B$50Binrepofor1week.
TheseguyshadtobeofflayingthistoHedgeFunds,cause
theotherlargebankswouldn'ttakeitduetotheirBalance
sheetsizeconstraintsAlthoughIalwaysfounditinterestingwhy
manyoftheseguyshaddifferingquaterends.GSalwayshadtheir
quarterendthethirdweekoflikeOctober,January,AprilandJuly
LehmanandMerrillandMorganStanleyendofNovember,etc
thenJPMandBOAandotherBankswereonnormalquarterends

Orly

Thu,03/11/201022:13|262681
ExactlywhatIwasthinking...

Ladiesandgentlemen,whatTD,et.al.,havedescribed
hereistheultimatecirclejerk.

Unfuckingbelievable.

Reflexivity

Thu,03/11/201022:22|262693

Youbeatmyreplybyaminute,andweremuchmore
succincthumorouslyso.Welldone.

chindit13

Fri,03/12/201002:24|262951

Same.

tipe.canoe

Fri,03/12/201010:51|263149

Ringaroundtherosie,
Apocketfullofposies,
Ashes!Ashes!
Weallfall
DOWN!

Reflexivity

Thu,03/11/201022:14|262683

+1,interestinginsight.

Areyousuggestingthatthedifferentquarterenddateswere
intentionallyselectedbyeachbankinreferencetooneanother?
Andperhapsthereasonthisis,issothateachofthebigbanks
couldprovide'loadbalancing'services[secretlyofcourse]to
eachother(sortoflikethewayacomputerservercluster
works)tofacilitatetemporaryonloadingandoffloadingof
certainliabilitiesandassetsinordertomanageearnings,
satisfyregulatoryrequirements,etc.bothconvenientlyand
descretely?
Saidanotherway,thebankscouldplaymusicalchairswith
excessordeficientassetsandliabilities,butinsuchawaythat
themusicneverstopsbecauethebooksdon'tclose
everywhereallatthesametime.
Aninterestingidea.

MilesKendig

Fri,03/12/201006:05|263043

Whichwouldrendertheconceptoffedcluelessness
totallysuspectandprovidesanadmirablyviable
pathwaydirectlytothecore.

tipe.canoe

Fri,03/12/201010:56|263152

alsointerestingthatJPM'squarterendedin
Septemberbeingthattheypulledtheplug.

Ragnarok

Thu,03/11/201022:59|262750

Wow!Youhitthenailonthehead.Isn'tcollusiona
crime?

dumpster

Thu,03/11/201020:36|262574

wellyouhadMarthaStewart

rubearish10

Thu,03/11/201020:43|262581

Greatreportbutwhyisnobodypayingattention?Reading
thisandcommentsreallygetsusjazzedupbut
then,,,,silence.What'swrong?Isthisadreamorhowcome
there'snoaffectwhereitmatters,bankstocks??Dowehaveto
takethistoWashington?Cantheyread?

ratava

Thu,03/11/201020:45|262583
havewearrivedtothelogicalconclusiononlywayoutof
thismessishandingthepowerovertocomputers?

ohwait,wealreadysortadid

johngaltfla

Thu,03/11/201020:45|262584

GodDamnitTyler,ifyou'reeveronSiestaorLongboat
KeyIoweyou20martinis.

OUTFREAKINGSTANDINGwork.Imeanthat.

AlmostSolvent

Thu,03/11/201022:05|262667

GodblessMonroeCounty!Iamcurrentlyinthewrong
one,NY,butatleastnotMI.Justneedtosuckafew
bucksmoreouttaupstateandthenI'mouttie.
Sittin'onthebeachearning20%!

merehuman

Thu,03/11/201022:44|262733

donttellthepoor

Whatamess_man

Fri,03/12/201001:32|262895

Betterupthemartinisduderoundsfortheentire
staff!

SecondtheOUTFREAKINGSTANDINGwork!

nope1004

Thu,03/11/201020:51|262587

ThatshiftylittlewimpGeithnerliesmorethananyoneI've
everseen.
Heneedstogotojail.

johngaltfla

Thu,03/11/201023:33|262780

F'ingdwarfneedstobeinAtticawith5large
homosexuallydeprivedboyfriendsnicknamedthe
"Mules".He'salyingPOSandneverheldarealjobin
hisentirefreakinglife.

BlackBeard

Thu,03/11/201021:02|262598

FYI,ObamanhasnominatedJanetYellentoreplaceKohn.
perBBerg:

http://www.bloomberg.com/apps/news?
pid=20601087&sid=a4wCbn4rDuzE&pos=1

AAAAAAAAAAAAAAAAAHAHAHAHAHAHA!!HeHAStoberetarded,
becausehejustputhispersonalstamponANOTHERretardfora
positionthatsupposedlyrequirescriticalthinking.

Howard_Beale

Thu,03/11/201021:16|262613

"Yellenspentmostofhercareerteachingeconomics
andresearchinglabormarkets,joiningtheUniversityof
CaliforniaatBerkeleyin1980.Sheandherhusband
GeorgeAkerlof,aNobelPrizewinningeconomist,havewritten
morethanadozenpapersthatincludedstudieson
unemployment,wages,streetgangsandoutofwedlock
births."Bloomberg
Anotherwinnerinthekeepinginterestratesatzerocamp.
Saversyoubetterputyourmoneyinthemarket!NOT.

BlackBeard

Thu,03/11/201021:28|262631

fantastic,becauseallofthatpracticalexperience
theorizingaboutlinearrelationshipsinaclassroom
givesheranedgewhenmicromanagingtheworld's
largesteconomy.

Howard_Beale

Thu,03/11/201022:32|262711

JustlikeUncleBen.Whobetterthanan
academic?Howaboutaforeignacademiclike
NaillFergusonthatatleasthasaclue.IfArnie
canbeGov,thenNaillcanbeontheFederalReserve
Board.Thatway,ifhecan'twaterboardBenintosanity,
hecanatleastbeblamedforhis"academic"
background.

taraxias

Thu,03/11/201021:28|262629

Theemptysuitinchiefdidn'tnominateanybody.The
FEDnominatedJYandtoldtheemptysuitinchiefto
announceit.

bugs_

Thu,03/11/201021:45|262651
bugs_:isshegellin'?
wopr:likeafellon

MilesKendig

Fri,03/12/201006:33|263046

AndforallofyouinterestedinCREIwouldadvisea
refresheronYellen'sbaby,250Montgomery,intotal.
Thepivot.
http://www.globest.com/news/1444_1444/sanfrancisco/179598
1.html
http://www.realestatechannel.com/usmarkets/commercial
realestate1/gru...

Anonymous

Thu,03/11/201021:20|262618

Manoman.
Nottofomentpopulistrage,buty'know,mycreditcard
billscountagainstme.Howcomethebankscreditcardbillsdon't
countagainstthem?Oneruleforthemtheotherforme?
DylanR?Yougettingthis?

Anonymous

Thu,03/11/201021:26|262625

"RichardFuld,LehmansformerChiefExecutiveOfficer
deniedanyrecollectionofLehmansuseofRepo105
transactions.FuldsaidhehadnoknowledgethatLehman
treatedanykindofrepotransactionasatruesaleorthatLehman
everremovedfromitsbalancesheetassetstransferredinarepo
transaction.Inaddition,Fulddidnotrecallhavingseenanyreports
referencingtheamountofthefirmsRepo105activity.Fuldfurther
statedthathedidnotknowthatLehmanremovedapproximately
$49and$50billionininventoryoffitsbalancesheetatquarterend
throughtheuseofRepo105transactionsinfirstquarter2008and
secondquarter2008,respectively.Fuldsaid,however,thatifhe
hadlearnedthatLehmanwastemporarilycleansingitsbalance
sheetofassetsatquarterendthroughRepo105transactions,it
wouldhaveconcernedhim."
Sowhatwashegettingpaidfor(like,justshyof$500millionall
told)?

Anonymous

Fri,03/12/201012:46|263284

Justtobeclear,hewouldhavebeenconcernedifhe
hadknown.Hewouldn'tnecessarilyhavedoneanything
differently,hejustwouldhavebeenconcerned.Ithink
itshouldhavebeeninhiscontractthatheberequiredtomake
someveryserious,contemplativeandconcernedfacesbefore
hittingthegolfcourseeveryday.

Hondo

Thu,03/11/201021:31|262632

Thecounterpartiestothesetradesneedtobeinvestigated
also.Thiswasoutandoutfraudcommittedbyboth
parties.Thecounterpartiesbytakingcrapforcollateralknewwhat
Lehmanwasuptoandinbedwiththem.Thewholedamnstreet
knewLehman'ssituationbuttheshareholderhadn'tacluedueto
fraud.Banks,theFed,governmentingeneralhaveabsolutelyno
trustleft.Weneedtosqueezethemuntiltheybleed....

hedgeless_horseman

Thu,03/11/201023:09|262757

Dreamon.Oncethisthreadhitsthesecondpageof
ZHthisstorywillbeforgottenelsethe.govwouldn't
haveletthehorseoutofthebarn.
Besides,accordingtotheLATimes,theBIGnewsis,
"Democratsseekhealthcareconsensus."Iknow,rockedmy
world,too!

Tethys

Fri,03/12/201001:13|262874

Beenhavingasneakingsuspicionoflatethathealth
carewasreincarnatedinordertokeeptheeconomy
outoftheheadlines.AftertheMassachusetts
election,seemstherewasaperiodofaweekortwowhen
wedidn'thearabouthealthcarereformeveryday24/7,
andeconomicstoriesstartedgettingmorepress.
IfJoe&Jane6packstartedcomingoutoftheircoma,
thingsmightgetugly.Can'thavethat...

Hulk

Fri,03/12/201010:58|263159

Letsstartpretendingthisfraudriddledsystemisfixable
andplacesomepressureoncongresstogetWilliam
Black
inchargeofcleaningupthismessandprosecutingthese
criminals.
Ontheoutsidechancethatthesystemissalvageable.....

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