LIES, LIES, LIES - 7/13/2012
Here's what we're following this morning:
(via Boing Boing)
JPM admits that it basically lied about derivatives' prices in order to make a profit - Zero Hedge | If Dimon knew about this BEFORE his testimony, he should be fired immediately; if he didn't find out about this until AFTER his testimony, the CFO should be fired immediately. Regardless, any faith in the company that they would "do the right thing" in the future should now be dead.
Do Bain SEC documents suggest Mitt Romney is a criminal? - Washington Post | Everyone puts weight behind "SEC documents," but what do these documents actually show? WaPo gives the story 3 Pinocchios.
Now we know: Paterno lied - ...ology. | When faced with the choice of protecting abused children, or protecting the institution, Paterno and key figures chose to safeguard the institution. The leadership, there, is filled with liars and cover-up artists. Anyone on campus still crying for Coach, now?
BOE governor Mervyn King and NY Federal Reserve head Geithner knew of LIBOR troubles in 2007-08 - Reuters | Congress wants to get involved, now, with its own hearings. Just how far down the rabbit hole do these professional politicians want to go? The Bloomberg story here gives a bit more color on political and market ramifications. Moreover, Geithner had at least TWO options open to him in order to prevent LIBOR falsification.
BP oil spill (remember that?) workers say dispersant made them sick - Mother Jones | Corexit WAS listed as an approved dispersant, and it was what BP decided to use on the Gulf. The problem? Your federal government does NOT consider the human or environmental effects of the chemicals when approving them for the list.
The charmed life of a subprime king - Counterpunch | So...Angelo Mozilo (from Countrywide) created a "Friends of Angelo" unit that doled-out discount loans to members of Congress who had the power to rein-in his risky business? And...several members and staff of key committees (Senate Committee on Banking and House Committee on Financial Services) with jurisdiction over the mortgage industry were given loan discounts?
US warns Syria over chemical weapons - The Telegraph | C'mon. We've all seen this movie before, and we know how it ends. Wait, it hasn't ended, has it? And here they go, bringing out the same hackneyed movie script again, thinking that we'll buy another ticket for the matinee.
Just how much money did bankers make off of ill-gotten gains from LIBOR rigging? - Naked Capitalism | If you think that any of this money will be clawed-back, I have a bridge to sell you.
National Futures Association ignored warning on PFG Best (aka MF Global II) - Jesse's Cafe Americain | The CEO of PFG Best? Who recently tried to kill himself? Three days after getting married in Vegas? He used to sit on the advisory board of the NFA. So much for those "rigorous industry reviews."
Remember Jessica Lynch? Don't worry if you don't - BlackFive | The first hero story of the Gulf War has been scrubbed.