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be response to another purchase of a failed lender by onewest earlier in february the fdic responded to a youtube video that criticized its transactions with onewest the video has been removed not sure if this is that of thinkbig which remains posted but fdic spokesman andrew gray said in a feb 12 statement that it made blatantly false claims about the loss sharing agreement the fdic may be particularly sensitive about onewest because it was formed in early 2009 when the regulator sold indymac to a group of private equity and hedge fund investors including former goldman sachs group inc executive vice president steven mnuchin as well as george soros and j christopher flowers john paulson who made billions of dollars betting against mortgage securities during the housing crisis is also an investor the marketwatch article written by alistair barr goes on to quote one analyst who said it was unusual for the fdic to respond to criticism from outside the mainstream media in other words the fdic tends to ignore criticism because i doubt the mainstream media dares to criticize it much accounting for the atypical nature of its response to the blogosphere the thinkbig guys actually use the fdic response to bring up what they deem a huge point that the onewest people only get their subsidy if the bank s losses exceed 2 5 billion or so in other words onewest makes money if the homes they got from indymac collapse in value no reward should they be able to sell them at a profit according to the video until onewest hit s that magical 2 5 billion loss mark they have no incentive to offer loan modifications so in a broader sense the fdic deal with one west and others like it insure that the real estate market won t recover because the banks who take over loans from failed banks only get compensated for losses onewest has no reason to try and salvage what it can from indymac s mortgage portfolio instead it can capitalize on the terms of the deal which more fully compensate onewest if it can t sell the homes at full value a prospect made infinitely more likely by the fdic s reward for failure guidelines goldman sachs has been riding the taxpayers money train for quite some time they ve been able to exchange their political influence at the highest levels of government for favored status as a bank holding company they experienced record profits and bonus in 2009 in a year which saw their competitors struggle the goldman edge cronyism bush treasury secretary paulson was a former goldman ceo reputed to have made 400 million while there former goldman executives have served as economic advisers for the white house at the top or second highest positions big media has always undersold the nexus between government and private sector i suppose to further the myth that those who get ahead in our society do so by hard work and a level playing field a notion the recent crisis and those who ve profited from the response makes patently absurd i m indebted to the excellent work real journalism offered by the thinkbig guys and tyler durden at zerohedge who ve exposed the techniques through which goldman profits by cronyism these methods are not only insidious but complicated easy it is to look at the methods by which financial companies make their money and assume they re simply to hard to understand as a matter of fact regulators complicit in the regulatory failures and the entities that exploit them count on the lack of transparency and complexities of their dealings to keep them secret a fact we see play out whenever the federal reserve is called on to explain where the money went now onewest could argue or the fdic since quasi government agencies read implicit guarantee and goldman sachs are so often united in their purpose that their purchase of indymac saved the government millions then again the fdic letter states that the entity isn t supported by federal taxes a point which only emphasizes the fdic s negative 20 billion balance and the impending necessity for a bailout daryl montgomery at seekingalpha com explains its deposit insurance fund is now at a negative 20 9 billion despite statements that it has enough cash to keep operating bear stearns and lehman brothers made similar claims it is only a matter of time before the fdic is bailed out this will take place before the end of the year and will be done by tapping a line of credit from the treasury department expect this event to be downplayed by mainstream media reports with claims that it is not really a bailout contributions made by banks which supposedly cover the fdic s costs are wholly inadequate the consequence will be a massive bailout probably to exceed that of the s l crisis during the eighties which came as the result of risky commercial real estate deals by the s l s coupled with inadequate regulations associated with a group of senators called the keating five add to this the nefarious role gs played in the greek debt crisis apparently several years previous to the crisis a team of goldman witchdoctors dispatched to athens to hawk their derivatives shell game recommended that greece enter into currency swaps in a move that delayed budget problems and reduced the debt load in the short term as best as i understand it goldman simultaneously bought credit default swaps which would pay big in the event of a collapse of greek debt in other words gs played both sides sell the politicians on a debt proposal which ran counter to their longer term fiscal stability while betting on the higher risk of default through the credit default swaps the same pattern played out with aig at one point gs ceo blankein actually told aig to default although gs was owed billions few people could figure out why goldman was willing to let aig default being that it was owed so much by aig until of course they realized that goldman had insured their loans to aig with cdss which would pay off big if aig defaulted th regulatory environment has failed for two reasons first those in government particularly those with too close connections to former employers must maintain distance and impartiality in what s known as arm s length with a revolving door between goldman and the white house not to mention congressional staff and department aides this impartiality is impossible the second problem areas are what are called fiduciary responsibilities managing others money if goldman was selling products it knew to be risky it was violating legal and ethical boundaries if goldman saw the broader systemic risks which made the cdss so appealing why did it steer clients towards taking on more exposure to debt and risky exotic derivatives at that amid what goldman knew to be deteriorating market conditions there s a pattern to these plays on systemic risk create volatility then prosper off it goldman s exemplary results in 2009 indicate that the company was either very lucky or had foreknowledge of the pending collapse and took steps to profit from it the absence of regulatory enforcement either allowed the opportunity to arise through disaster capitalism or the entities that gained from it set up the conditions that made it happen a la 9 11 the federal reserve has recently pledged to investigate goldman s grecian deal making gambit i don t know how effective the federal reserve can be being that its regulatory oversight responsibilities were so utterly ineffective leading into the crisis it s doubtful that industry self regulation is possible through the fed as it is owned by a group of banks it purports to regulate the fed s effort to manage public perception through an internal investigation that won t be made public can hardly force accountability additional source robert g s blog explains the math in one example of onewest s deal management tactics and acumen in an update dated february 16th mr hertzog denies he had anything to do with the video although his figures were used by thinkbigworksmall without his consent labels disaster capitalism federal reserve goldman sachs government posted by jbpeebles 5 38 pm 2 comments thursday february 11 2010 9 11 photos and crotch bomber hint at more than negligence as i look at recently released aerial photographs from 9 11 the cloud issuing forth from the collapsing building looks like a banana peel i d seen in the documentary loose change how similar the building s collapse was to a pyroclastic flow a pyroclastic flow is one generated by heat like a volcano and it puts out a distinctive smoke cloud looking at the photos ask yourself doesn t the trajectory of the smoke and debris indicate an explosion since when does a collapsing building send smoke in a pattern like that which looks more like the impact of an artillery shell then of course there are all the inconvenient truths like the fires that burned for weeks in the basements where no air can get in only thermite can burn or the reports of explosions a sequence of explosions triggered by nano thermite would pulverize the concrete and send it up into the air not a simple collapse no wonder these photographs weren t released for more than eight years after the event and then it took a freedom of information request to get them out in the public view seeing what i could dig up new on the photos at the site 911truth org and came across a cross posted article amid media blackout congressional hearing reveals us intelligence agencies shielded flight 253 bomber by alex lantier of wsws org on first read in its beginning the article doesn t really surprise me as the superficial elements of the abdulmutallab story were pretty clear young extremist gets radicalized gets on plane detonates bomb fails kind of like the shoe bomber richard reid not a lot there at first personally i d dismissed the story it d come on christmas the bomb hadn t detonated no one had been killed as i d read things through i saw that much could have been attributed to government ineptitude we all know that the much ballyhooed national security state has holes in it bigger than swiss cheese so it d come as no big surprise that the young nigerian s name hadn t come up on a no fly list or had yet been misspelled or some such clerical error so what if abdulmutallab hadn t made the list of terrorists heck edward kennedy had been on it at one time its membership had expanded to over 500 000 with many false positives the performing artist formerly known as cat stevens a convert to islam now named yusuf islam had necessitated a redirection of one inbound cross atlantic flight some years ago he d apparently given money to some islamic charity after a certain point a list of that size begins to lose meaning and reads probably more like a list of enemies of the state than a list of real threats who aren t likely at all to get their name out as martyrs for their cause at least until after they ve been martyred see the great article the backfiring of the surveillance state by glenn greenwald first appearing in salon then there were the details about the so called crotch bomber as abdulmutallab has been referred to in less than glorifying terms details provided in an interview with an american waiting in the terminal area he d said abdulmutallab had been accompanied by an older man of indian descent and that he d listened in to an extended conversation between the indian man and the airline employee at the check in desk in amsterdam airport the indian succeeded in getting umar onto the plane without a passport this was a clear breach of every airline protocol imaginable no identification the thought that someone could board the plane without any id boggles the mind then fast forward to the full body scanners that have since been installed at heathrow airport these devices are prone to abuse because they reveal the human body by seeing through clothes apparently a celebrity s picture had been kept and passed around among the screeners at heathrow then there are the people selling the body scan machines which are slated to be installed in airports everywhere not surprisingly they are sold by companies directed by former intelligence agencies people including former department of homeland security chief michael chertoff chertoff has been accused of leading a massive cover up for the real participants in the 9 11 bombings i can t attest to the validity of those accusations but chertoff is a hardcore zionist sympathizer and any involvement in 9 11 by our own government would certainly involve people like chertoff whose loyalty clearly lies with the interests of israel which were and are to justify an open ended war against islam anyway back to abdullmutallab and the lantier article lantier explains that during a congressional hearing a state department official admitted that us intelligence officials had interceded to block a visa revocation passing the buck from state director of national counterterrorism center michael leiter said there d been a failure this was an obvious statement leiter went on to talk about the threat posed aqap the al qaeda affiliated for whatever that s worth group in yemen lantier goes on to decipher all the intelligence ese concluding the inaction to push abdulmutallab onto the watch list came despite the fact that us intelligence agencies were well aware of the threat posed by aqap lantier then acknowledges that the us government did not declare aqap a terrorist group until january 19 2010 ok enough said about the official explanation no one appears to have been held responsible for the blatant breach of security chertoff s scanners of course have now been funded and scheduled for installation in airports throughout the world that change of perspective could be attributed to simple bureaucratic mismanagement or something darker like disaster capitalism the classic form of opportunism outlined so eloquently by naomi klein in which government incompetence feeds the impetus to privatize which ends up costing taxpayers big of course the contracts for work previously done by government flows to cronies and those with the most influence like former officials and politicians the process of doling out juicy contracts to the private sector is clearly one that requires close cooperation between government and the private sector a role that typically calls for former bureaucrats and politicians to act as go betweens and lobbyists naturally career bureaucrats nearing retirement are quite sympathetic to private industry efforts being that many find a second job at companies like chertoff s once they retire the body scanners are a motive that can t be dispelled by simple bureaucratic incompetence i d say the enlargement of the national security state creates demand for terrorism as if without it the massive bureaucracy would be starved of money power and influence naturally with such power at its fingers the nss is prone to find threats everywhere upon discovery of these threats in places where they re least expected the nss justifies an expanded mission fo...