Monday, February 8, 2010

Thain at CIT; Stocks in a Funk

Obviously, John Thain is a hired henchman of the crime syndicate responsible for the financial meltdown of 2008, and all the associated scandals, including TARP, that were ancillary and antecedent to that event.

Why do I make such an overt claim, and just who is John Thain?

Well, John Thain has been around the Wall Street crime syndicate long enough to have attained a position of some authority within that circle. According to this article, Thain was the last chairman and chief executive officer of Merrill Lynch before its merger with Bank of America. Thain managed to get $29 per share ($50 billion) for Merrill, a 70% premium over its market price. Ken Lewis, then CEO of Bank of America, is currently under investigation by the NY State Attorney General, Andrew Cuomo.

Prior to being at Merrill, Thain was president of the NYSE, from 2004 through 2007, meaning he oversaw much of the wheeling and dealing on the exchange and also turned a blind eye to the criminal practices of Bernard Madoff. Prior to that, Thain was at Goldman Sachs, as head of the mortgage desk from 1985 to 1990, and president and co-COO from 1999 to 2004.

Given his history, it's surprising that Thain isn't Secretary of the Treasury or head of one of the regional Federal Reserves, but that's probably because John Thain is basically a bag man. He hides money for his friends. So, what better place for him to resurface after his sudden departure from Merrill Lynch (after he helped inflate its value and 11 top brokers fled to London) in January 2009, than at the beleaguered commercial lender, CIT.

Today, Thain was named CEO of CIT, apparently because CIT's bankruptcy has not worked out to full advantage for the syndicate. Thain will make sure that taxpayers are screwed some more, as one would suppose that stealing $2.3 billion, via TARP would be considered small peanuts in his circles.

With Thain at CIT, one should expect all manner of nastiness, including, but not limited to, falsified accounting, seizure of assets, pleas to the federal government for more bailout money and other not-so-niceties. If John Thain is running a company, one can only expect what he's always provided: fraud, falsity, obfuscation of facts, missing money, missing documents and generally, another round of financial panic.

You have been duly warned. With his track record or greed (he's one of the highest paid on Wall St.) and reputation (a lot of people will speak highly of him in public, because crossing him or the people he's associated with could be harmful to one's health - financial and otherwise) Thain should not be trusted. In any case, having him at CIT virtually assures that financial stocks will be hammered and the economy will suffer through a reprise of the fall of 2008.

With that as background, stocks, led by, you guessed it, large banks, generally fell, putting to rest any notion that Friday's 180-point "turnaround" was anything other than intervention by the PPT (Thain's buddies). It's been 18 months since the breakdown of finance, and since nothing's been done to fix the system - though the bankers and various federal government officials will tell you that MUCH has been done - the usual crowd is back for another round of feeding at investor and taxpayer expense.

Their greed knows no bounds. Not content with breaking the global financial system, they're committed to plunging much of the world - particularly the rich United States of America - into a financial holocaust. Naturally, none of the widespread carnage will affect any of them; they will be above the fray, sitting like vultures with cash in hand to buy up distressed assets at bargain-basement prices. Their true goal is to incite anarchy and revolt, and they're doing a nice job of it thus far. Don't think for a moment that Sarah Palin addressing the Tea Party Convention this weekend was an accident. If the American public is too squeamish to foment revolution, they've got Palin, the absolute perfect Manchurian Candidate, to push us over the edge.

Already, the Tea Parties, originally an amalgamation of loosely-aligned local groups opposed to bank bailouts and financial fraud, have devolved into right-wing bravado-fests, complete with guns, anti-government (and anti-democrat) signs and the tacit support of the the likes of Rush Limbaugh, Sean Hannity and FOX News.

It's a two-pronged attack on liberty and rights, using politics and money to separate middle-class people from theirs. The ultimate goal is a state of neo-anarchy and martial law in America, and they're well on their way.

Dow 9,908.39, -103.84 (1.04%)
NASDAQ 2,126.05, -15.07 (0.70%)
S&P 500 1,066.18, -0.01 (0.00%)
NYSE Composite 6,713.87, -68.88 (1.02%)

Advancing issues were trampled upon by decliners, 4120-2442. New highs actually eked out a slight edge over new lows, 86-73, but volume was light, since all the big money already exited on Friday.

NYSE Volume 4,913,621,000
NASDAQ Volume 2,059,284,875

Commodities staged a little bit of a comeback. Oil, gold and silver all finished their trading sessions slightly higher.

The repugnant conditions which prevail in America today have long ceased being casual conspiracy banter or any kind of laughing matter. Lawlessness prevails. Rules, if there are any, are made up on the fly, to suit those who seek to break them. More than just your money is at risk. Beware.

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