- Kim Dotcom: the internet cult hero spoiling for a fight with US authorities ...German-born former hacker says his eyes have been opened to US tactics after his Megaupload site was shut down last year
- Presenting The S&P500's 50 Point Surge Courtesy Of The Illegal "Geithner Leak" ...Yesterday we broke the news of what is prima facie evidence...that then-NY Fed president and FOMC Vice Chairman Tim Geithner leaked material, non-public, and very much market moving information (the "Geithner Leak") to at least one banker
- There was no GOP entitlement-cutting plan ... many conservatives were adamant: Republicans should reach an agreement with President Obama only in exchange for serious cuts in entitlement spending...But what has emerged...is that Republicans did not have an entitlement-cutting proposal to present to Obama in debt-ceiling talks
- Tony Lee: Palin Predicted Obama Using Health Care to Curb Second Amendment Rights...On August 1, 2009–just seven months into President Barack Obama’s first term–former Alaska Governor Sarah Palin predicted Obama would attempt to leverage health care to “take away” the Second Amendment rights of Americans...On Wednesday–more than three years after Palin’s warning–Obama did exactly what the former governor forecasted.
- New Book Claims Journalists 'Swooned' Over Obama During Off The Record Bar Visit Last Year...The behavior of the assembled press corps was telling. Everyone, myself included, swooned...This was nerd heaven, a politico’s paradise, the subject himself moving among us...Hastings reported...Against the wishes of the president...that the event took place without divulging the details. The fear was that the White House would collectively punish all of us by revoking the already limited access or, worse, Obama might never come down and hang out with us again,” Hastings writes.
Oh, by the way. A Congressman emailed me about his promise to fight gun control efforts. He mentioned the Gun Free School Zones Act of 1991, which means a lawsuit for what happened at Sandy Hook would be a nonstarter. Now, consider this: the government in all its wisdom has banned guns near schools but won't require that a police officer be present to enforce it! Besides, that didn't stop the massacres that have happened since. So much for Gun Free zones.
2 comments:
I am the George Hartzman Rolling Stone's Matt Taibbi wrote of the other week, and it appears that I am aware of a name/story that has not passed the Statute of Limitations.
Wachovia CEO Robert Steel bought Wachovia’s stock in a breach of trust, confidence and his fiduciary duty to my clients and shareholders while in possession of material, nonpublic information.
On July 9, 2008, Robert Steel became president and CEO of Wachovia after working for Goldman Sachs from 1976 to 2004 and the US Treasury under former Goldman Sachs CEO Henry Paulson from October 10, 2006 until July 9, 2008. Mr. Steel was “the principal adviser to the secretary on matters of domestic finance and led the department's activities regarding the U.S. financial system, fiscal policy and operations, governmental assets and liabilities, and related economic matters,” according to Wikipedia’s biography. Mr. Steel most likely knew about other firm’s borrowings via his time spent at the U.S. Treasury Department.
On July 22, 2008, Mr. Steel personally purchased 1,000,000 shares of Wachovia’s stock as the company’s TAF borrowing reached $12.5 billion, which appears not to have been disclosed in securities filings audited by KPMG.
In an interview with CNBC's Jim Cramer On Monday, September 15, 2008, Robert Steel said "I think it's really about...transparency. People have to understand the assets and really be able to say, this is what I own... Complete disclosure. ...we can work through this with transparency, liquidity and capital. ...Our strategy was to give you all the data so you could make your own model. We tell you what we're doing... ...we're raising capital ourselves by basically shrinking the balance sheet, cutting the dividend, cutting expenses. We can create more capital ourselves that way... for now, we feel like we can work through this..." After Jim Cramer asked "Should there be any sort of quick regulatory relief from the SEC that would make life easier to be able to make your bank much stronger?", Mr. Steel responded "I don't think it's about my bank."
After not reporting TAF loans, Wachovia's CEO wrote "I, Robert K. Steel, certify that: I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 of Wachovia Corporation; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report" on October 30, 2008.
Mr. Steel was at least aware of Wachovia’s Federal Reserve loans since July, 2012, if not the undisclosed loans to multiples of other financial institutions.
If Mr. Steel was “the principal adviser…on matters of domestic finance and led the department's activities regarding the U.S. financial system, fiscal policy and operations”, how could he not have known and acted on undisclosed material information?
On June 22, 2010, Robert Steel was appointed Deputy Mayor for Economic Development by New York City Mayor Michael Bloomberg, after which, Steel resigned his seat on the Wells Fargo board. According to Morningstar data, Mr. Steel owned 601,903 shares of Wells Fargo in 2010, which would be worth $20,446,644.91 as of October 26, 2012.
George Hartzman
Greensboro, North Carolina
George Hartzman:
Thanks for the info. I checked out the Rolling Stone article. I encourage others to do the same.
FWIW, I haven't been trading in the markets since 2009. Couldn't believe what the markets were doing, but this clarifies things a bit. One thing I heard was that the banks were buying stocks with the monopoly money the FED was giving them.
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