Goldman Sachs has finally admitted to committing fraud. Specifically, Goldman Sachs reached a settlement yesterday with the Department of Justice, in which it admitted fraud:
The settlement includes a statement of facts to which Goldman has agreed. That statement of facts describes how Goldman made false and misleading representations to prospective investors about the characteristics of the loans it securitized and the ways in which Goldman would protect investors in its RMBS from harm (the quotes in the following paragraphs are from that agreed-upon statement of facts, unless otherwise noted):
Continue reading »
A fine for doing God’s work?
Hot on the heels of Wells Fargo’s $1.2 billion settlement, Bloomberg reports that Goldman Sachs will pay $5.1 billion to settle a U.S. probe into its handling of mortgage-backed securities involving allegations that loans weren’t properly vetted before being sold to investors as high-quality bonds.
“This resolution holds Goldman Sachs accountable for its serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail,” said Acting Associate Attorney General Stuart Delery.
As AP reports,
The Justice Department announced a $5 billion settlement with Goldman Sachs over the sale of mortgage-backed securities leading up to the 2008 financial crisis. Continue reading »
JPMorgan, Goldman Said to Discuss Buying Deutsche Bank Swaps
~Lender looking to complete sale of $1.1 trillion swaps book
~Deutsche Bank has sold about two-thirds of book since 2015
Deutsche Bank AG, the lender exiting some trading operations, is in talks with JPMorgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc. to sell the last batches of about 1 trillion euros ($1.1 trillion) in complex financial instruments, people with knowledge of the matter said. Continue reading »
Now that Rand Paul is out of the race for the White House, Politico’s Eliza Collins reports that his father Ron Paul, who ran in 2008 and 2012, isn’t impressed by Ted Cruz’s attempts to pick up the “free market” libertarian banner.
“You take a guy like Cruz, people are liking the Cruz — they think he’s for the free market, and [in reality] he’s owned by Goldman Sachs. I mean, he and Hillary have more in common than we would have with either Cruz or Trump or any of them so I just don’t think there is much picking,” Paul said of the Texas senator on Fox Business’ “Varney & Company” on Friday.
During the lest Democratic debate on January 17, Hillary Clinton made several populist comments that aimed to show she is “one of the people” and that, like all other candidates, she would aggressively pursue not only bank fraud, but would go after bankers themselves. As we tweeted at the time, these were some of her more prominent soundbites:
- “no bank should be too big to fail and no individual too powerful to jail”
- “I am going to defend president Obama for taking on Wall Street and getting results”
- “I go after the big banks, I am the one the hedge funds are up against”
- “we are at least having a vigorous debate about reining in Wall Street”
And then there is the reality: as none other than the NYT reported two days ago, Goldman Sachs alone paid Hillary $675,000 for three speeches in three different states, a fact Hillary’s main challenger, Bernie Sanders, has highlighted repeatedly.
Earlier today, Goldman’s global macro strategist team led by Noah Weisberger released a report titled “Markets do not “Take it Easy” to start the year”, which had one very disturbing slide, i.e., “Exhibit 8.” – disturbing, because it showed that according to Goldman’s Current Activity Indicator, the US was effectively in recession; certainly disturbing enough for us to immediately tweet it with just one comment: “Oops”:
Oops from GS pic.twitter.com/jz0LCculCQ
— zerohedge (@zerohedge) January 20, 2016
In case it is not readily visible, here it is again:
Exhibit 8: Our market-based US growth risk factor is at post GFC lows
This was the accompanying Goldman commentary:
In 2003, she worked for the Bush administration on economic policy. Eventually becoming the director for the Western Hemisphere on the National Security Council under National Security Advisor Condoleezza Rice in 2003. She left Washington DC in 2004 to support her husband’s run for elective office in Texas. In 2005, she joined Goldman Sachs, serving as a private wealth manager and is currently the Region Head for the Southwest Region in the Investment Management Division of Goldman Sachs in Houston. She had served as vice president for seven years before the promotion in 2013. She took a leave of absence without pay for her husband’s 2016 presidential campaign. Continue reading »
Did you know that there are 5 “too big to fail” banks in the United States that each have exposure to derivatives contracts that is in excess of 30 trillion dollars? Overall, the biggest U.S. banks collectively have more than 247 trillion dollars of exposure to derivatives contracts. That is an amount of money that is more than 13 times the size of the U.S. national debt, and it is a ticking time bomb that could set off financial Armageddon at any moment. Globally, the notional value of all outstanding derivatives contracts is a staggering 552.9 trillion dollars according to the Bank for International Settlements. The bankers assure us that these financial instruments are far less risky than they sound, and that they have spread the risk around enough so that there is no way they could bring the entire system down. But that is the thing about risk – you can try to spread it around as many ways as you can, but you can never eliminate it. And when this derivatives bubble finally implodes, there won’t be enough money on the entire planet to fix it. Continue reading »
Goldman Sachs announced last month that its investment in a Utah preschool program had helped 109 “at-risk” kindergartners avoid special education. The investment also resulted in a $260,000 payout for the Wall Street firm, the first of many payments that is expected from the investment.
Yet since the Utah results were disclosed, questions have emerged about whether the program achieved the success that was claimed. Nine early-education experts who reviewed the program for The New York Times quickly identified a number of irregularities in how the program’s success was measured, which seem to have led Goldman and the state to significantly overstate the effect that the investment had achieved in helping young children avoid special education.
Goldman said its investment had helped almost 99 percent of the Utah children it was tracking avoid special education in kindergarten. The bank received a payment for each of those children.
The big problem, researchers say, is that even well-funded preschool programs — and the Utah program was not well funded — have been found to reduce the number of students needing special education by, at most, 50 percent. Most programs yield a reduction of closer to 10 or 20 percent.
– From the New York Times article: Success Metrics Questioned in School Program Funded by Goldman
Just when you think “Too Big to Fail and Jail” Wall Street can’t stoop any lower, they go ahead and exceed expectations. The following story is so base, so disgusting, and so completely void of any semblance of ethics, it could only have been achieved by the Vampire Squid itself. Continue reading »
Having watched the credit markets grow more and more weary of the major US financials, it should not be total surprise that ratings agency S&P just put all the majors on watch for a rating downgrade:
*JPMORGAN, CITIGROUP, GOLDMAN SACHS, STATE STREET CORP, MORGAN STANLEY MAY BE CUT BY S&P
Despite all the talking heads proclamations on higher rates and net interest margins and ‘strongest balance sheets’ ever, S&P obviously sees something more worrisome looming. This comes just hours after Moody’s put Bank of Nova Scotia on review also (blaming the move on concerns over increased risk appetite).
From the article:
“Anyone else found to have obtained at least “35 confidential documents” from the Fed on at least “20 occassions” would be sent straight to jail with a prison sentence anywhere between several decades and life. Goldman’s punishment? 0.6% of its 2014 Net Income.”
0.6%? Remember, Goldman is still “doing God’s work”.
Two days ago we reported that the saga of Rohit Bansal, Goldman’s “leaker” at the Fed is coming to a close with the announcement of a criminal case filed against Goldman’s deep throat who had previously spent 7 years at the NY Fed, and was about to spend some time in prison, and who had been providing Goldman with confidential information sourced from his contact at the NY Fed for months, as a result of which Goldman would be charged a penalty. Continue reading »
Vinyl rip from my personal collection. Best audio on the net.
This 3x LP record set documents the activities of a secret society known as The Illuminati, and their New World Order.
Mr. Fagan describes with documentary evidence how the ILLUMINATI became the instrument of the House of Rothschild to achieve a “One World Government”.
Tags: Adam Weishaupt, Adolf Hitler, Banking, CFR, Council on Foreign Relations, Dictatorship, Economy, Freemasonry, French Revolution, Global News, Goldman Sachs, Government, Illuminati, Jacob Schiff, JPMorgan, Myron Fagan, Napoleon, New World Order, Politics, Rothschild, Russia, Russian Revolution, Society, Stock Market, U.K., U.S.
“The Goldman blowback is a particularly challenging subject to understand and analyze. Taken to extremes, criticism of the firm, which was founded and built by Jewish Americans, smacks at times of anti-Semitism. Fed officials don’t want to fall into the trap of ostracizing qualified people merely because of their association with the firm or its Jewish roots.”
– John Hilsenrath
– No Jon Hilsenrath, It Is Not “Anti-Semitic” To Criticize Goldman Sachs (ZeroHedge, Aug 18, 2015):
Yesterday, in the aftermath of the Dallas Fed’s grotesque hire of a former Goldman banker, Robert Kaplan (while former Dallas Fed president Dick Fisher is now collecting a sallary from Barclays, where he is now a “Senior Advisor“) even some “very serious people” employed by the WSJ were shocked by this blatant flaunting of central bank capture by Goldman Sachs: consider that in addition to all the other global power posts currently held by Goldman alumni, three of the Fed’s 12 presidents are now Goldman Sachs alumni.
As a further reminder, it is not just the Fed – the Goldman alumni network has quietly, and not so quietly, over the past few years taken over Europe as well: Continue reading »
– Goldman Hires Former Head Of NATO To Deal With DONG Scandal (ZeroHedge, Aug 9, 2015):
Back in January 2014, we reported that Goldman’s merchant banking unit rushed to buy an 18% in Denmark’s DONG Energy (that would be Danish Oil & Natural Gas) company for $1.5 billion. The result was an immediate grassroots resistance campaign, as hundreds of thousands of Danes refused to hand over their DONG to the vampire squid for various reasons, not the least of which was granting Goldman veto rights over changes to DONG’s leadership and strategy, a right usually reserved for buyers of 33% of an entity. A bigger reason for the Danish anger at the Goldman DONG deal, was that as The Local reported a few months later, the sale “did not include a massive deal that both parties knew was imminent, shortchanging the company’s value by as much as 20 billion kroner.”
– Greece May Sue Goldman Over Bank’s Role In Greek Collapse (ZeroHedge, July 12, 2015):
It’s Goldman Sachs’ world, we just happen to live in it.
That rather unfortunate, yet exceedingly accurate, characterization of the global financial and geopolitical landscape seemingly becomes more true with the passage of time and perhaps nowhere is it more evident than Europe, where the common currency experiment (which never had any hope of working without some semblance of a fiscal union) is on the brink of collapse.
As we noted in “The Biggest Winner From The Greek Tragedy,” the losers from the disintegration of the EMU are ordinary, common, taxpaying Europeans who enjoyed a few brief years of artificial prosperity, which in retrospect was entirely due to debt, masked well by the “currency swaps” and other financial engineering concocted by banks such as Goldman Sachs, in clear violation of the Maastricht treaty which is now a long-forgotten memory of the founding ideals behind the Eurozone. Continue reading »
– Goldman Sachs Rookie Analyst Almost Escaped Before Falling To His Death (Dark Bid, June 3, 2015):
From the early days of Zero Hedge in 2009 to Matt Taibbi’s 2010 critique, “The Great American Bubble Machine,” Goldman Sachs has been one of the all-time favorite punching bags in critical circles. It’s easy to imagine Tyler Durden in a Fight Club style brawl with Lloyd Blankfein, taunting him, “No bailouts this time.”
Taibbi called Goldman “a great vampire squid wrapped around the face of humanity.” This time, their victim was Sarvshreshth Gupta, a rookie analyst just 22 years old from the University of Pennsylvania. Gupta was found dead in a parking lot next to his apartment building on the corner of Sacramento Street and Brooklyn Place in San Francisco. He apparently fell from the building.
After working 100 hours a week, he told his father, “This job is not for me.” In March, he quit. However, like the crazy woman in Fatal Attraction, Goldman was not going to be ignored. A week later, Goldman urged him to reconsider. His father encouraged him to return, and he did. Gupta was put on a reduced schedule (does 70 hours qualify as reduced?)
– “By Almost Every Measure Stocks Are Overvalued” Warns Goldman After Slamming Corporate Buybacks (ZeroHedge, June 1, 2015):
Over the weekend, we first reported that none other than Nobel prize winner Robert Shiller said that in his opinion, unlike 1929, this time everything – stocks, bonds and housing – was overvalued. Curiously, none other than Goldman’s chief equity strategist, David Kostin echoed this sentiment when in his latest weekly note to clients he said that “by almost any measure, US equity valuations look expensive. The typical stock in the S&P 500 trades at 18.1x forward earnings, ranking at the 98th percentile of historical valuation since 1976. For the overall index, the aggregate forward P/E multiple equals 17.2x, a rise of 63% since September 2011, compared with the median expansion of 48% during 9 previous P/E expansion cycles. Financial metrics such as EV/EBITDA, EV/Sales, and P/B also suggest that US stocks have stretched valuations. With tightening on the horizon, the P/E expansion phase of the current bull market is behind us.”
From the article:
Just three questions here about Sarah Dahlgren’s “resignation”:
1. Why is she resigning now: is there a crackdown on just how corrupt the Goldman Sachs branch office at Liberty 33 truly is? Acutally, just kidding. Ignore this for obvious reasons.
2. What will her salary at Goldman Sachs be once she joins the 200 West firm?
3. Which Goldman partner will replace her?
– NY Fed Head Of Banking Supervision, And Person Who Handed Over Billions In AIG Profits To Goldman, Resigns (ZeroHedge, April 30, 2015):
The name Sarah Dalgren is well-known to long-term Zero Hedge readers: back in January 2010 we revealed that, just before the Great US banking system backdoor bailout by way of getting a par return on AIG CDS, back in August 2008 Goldman was willing to tear up AIG Derivative Contracts, and had in fact offered to take a haircut. It was the Fed who turned Goldman’s offer down! And the person who made the decision would become the Fed’s head of Special Investments [AIG] Management Group: Sarah Dahlgren.
We said that Dahlgren “not only did not save US taxpayers’ money, but in fact ended up costing money, when they funded the marginal difference between par (the make whole price given to all AIG counterparties after AIG was told to back off in its negotiations) and whatever discount would have been applicable to the contract tear down that had been proposed by Goldman a mere month earlier. This, more so than anything presented up to now, is the true scandal behind the New York Fed’s involvement.” Continue reading »
As IBTimes reports, Goldman Sachs paid Bill Clinton $200,000 for a speech just before lobbying the State Department (then run by Hillary Clinton) on legislation involving the Export-Import Bank, which was set to provide the financing for the purchase of millions in aircraft from a company partially owned by the Wall Street bank.
– Goldman Paid Bill Clinton $200K Before Lobbying Hillary On Export-Import Bank (ZeroHedge, April 28, 2015):
As documented here on several occasions of late, there are new questions surrounding charitable contributions to the Clinton Foundation. Most notably, a Reuters investigation revealed that the Clinton family charities may have suffered what we called a “Geithner moment” when they failed to report tens of millions in contributions from foreign governments on tax documents. The foundation will now refile five years worth of returns and hasn’t ruled out the possibility that it may need to amend returns dating back some 15 years. Continue reading »
– Goldman Asks “Should Stocks Fear Rate Hikes?” (Spoiler Alert: Yes) (ZeroHedge, April 28, 2015):
While day after day we are bombarded with musings from talking-heads proclaiming that no matter what happens in the future, buying stocks and buying moar stocks is the way to go, the data has a different story to tell. As Goldman Sachs notes, at a forward PE of 17.5x, the equity market looks more expensive today than it was during any of the last four cycles. Furthermore, as Goldman puts it, we find it more challenging to rationalize the current high PE multiples.
What could possibly go wrong?
– Hillary Clinton Is Grooming A Former Goldman Banker To Become America’s Next Treasury Secretary (ZeroHedge, April 17, 2015):
For years on end, many wondered how it is possible that Gary Gensler allowed Wall Street firms to manipulate, rig, and otherwise abuse the US commodity market which he, as head of the Commodity Futures Trading Commission from 2009 until 2014, was supposed to regulate.
Some, such as this website, suggested that what Gensler was doing was simply protecting his former colleagues from civil or criminal investigation and prosecution. After all Gensler is far better known for not only having worked at Goldman Sachs for 18 years most recently as co-head of finance, prior to joining the CFTC, but for becoming the youngest ever Goldman partner, at the tender age of 30.
Certainly, being the wealthiest member of the original Obama administration did not hurt: in 2009 the Wasingtonian reported his net assets as being between $15,533,000 and $61,745,000. We take the higher number. To be sure, he had been paid well at Goldman and now had a duty to his former employer: to keep Goldman (or any other Wall Street bank) off the hook of any regulatory investigation. Continue reading »
– As Jeb Bush Pounces On The Hillary Email Scandal, The Real Winner Is… Goldman Sachs (ZeroHedge, March 3, 2015):
While the Clintons have had their share of funding snafus in recent history exposing the former “not truly well off” first lady as not only a puppet of not only Wall Street but also America’s mega corporations, Hillary Clinton’s use of personal email accounts as America’s former top diplomat is a far more serious issue as it touches directly on accountability, and rational decision-making while in a top position of government power. To say that it impairs her image as a presidential candidate who puts the country ahead of her own interests, would be an understatement. Continue reading »
From the article:
“Under scrutiny are Bank of Nova Scotia , Barclays PLC, Credit Suisse Group AG , Deutsche Bank AG , Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Société Générale SA, Standard Bank Group Ltd. and UBS AG , according to one of the people close to the investigation.”
– Ten Banks, Including JPM, Goldman, Deutsche, Barclays, SocGen And UBS, Probed For Gold Rigging (ZeroHedge, Feb 23, 2015):
No matter how many times the big banks are caught red-handed manipulating precious metals, some failed former Deutsche Bank prop-trader (you know who you are) will take a vociferous stand based on ad hominem attacks and zero facts that no, what you see in front of you is not precious metal rigging at all but a one-off event that has nothing to do with a criminal banking syndicate hell bent on taking advantage of anyone who is naive and dumb enough to still believe in fair and efficient markets. Continue reading »
– Stock Buybacks Account For About 20% Of Yesterday’s Buying: Goldman (ZeroHedge, Feb 3, 2015):
While we already know that there is only one true irrationally non-economic buyer of stocks in the US equity market, getting confirmation from none other than Goldman Sachs is another matter…
GS: “BUYBACKS yday accounted for 17% of our total flow, at times 33%”
Sourced from a run, this explains the machine-like vertical buying panic of the completely indiscriminate “well stocks are down and we need to maintain our bonuses) corporate buyback machine.
– IMF Now Ready To Slam The Door On The U.S. And The Dollar (ALT-MARKET, Dec 17, 2014):
As I write this, the news is saturated with stories of a hostage situation possibly involving Islamic militants in Sydney, Australia. Like many, I am concerned about the shockwave such an event will create through our sociopolitical structures. However, while most of the world will be distracted by the outcome of this crisis (for good or bad) for at least the week, I find I must concern myself with a far more important and dangerous situation.
Up to 40 people may be held by a supposed extremist in Sydney,but the entire world is currently being held hostage economically by international banks. This is the crisis no one in the mainstream is talking about, so alternative analysts must.
As I predicted last month in “We Have Just Witnessed The Last Gasp Of The Global Economy,” severe volatility is now returning to global markets after the pre-game 10 percent drop in equities in October hinted at what was to come. Continue reading »
– Western Banks Cut Off Liquidity To Russian Entities (ZeroHedge, Dec 16, 2014):
As Zero Hedge first reported today, shortly before noon one (and subsequently more) FX brokers advised clients that any existing Ruble positions would be forcibly closed out because “western banks have stopped pricing USDRUB“, over concerns of Russian capital controls. Ironically, it was this forced liquidation of mostly short RUB positions that pushed the RUB higher, which in turn had a briefly favorably impact on energy commodities and risk assets, as the market had by then perceived the Ruble selloff as excessive. Of course, since nothing had actually changed aside from a temporary market technical, the selloff promptly resumed into the close of trading once the market finally understood what we had explained hours previously.
And unfortunately for the bulls, various falling knife-catchers, and those who hope the Russian situation will stabilize imminently with or without capital controls, it appears things in Russia are about to get a whole lot worse because as the WSJ reports, the next driver of the Russian crisis is likely to come from within the banking system itself because “global banks are curtailing the flow of cash to Russian entities, a response to the ruble’s sharpest selloff since the 1998 financial crisis.”
Presenting Russia’s banks: now cut off from the outside world as the second cold war goes nuclear, at least when it comes to the financial system:
Continue reading »
– When Goldman Writes The New York Fed’s Press Releases, Then All Is Lost (ZeroHedge; Dec 6, 2014):
Much has been said about Goldman’s control over the most important Federal Reserve of all, that of New York, where the all important Markets Group is located, which does as the name implies, “influences” markets (those who may have missed it are encouraged to read “Goldman “Whistleblower” Sues NY Fed For Wrongful Termination“, “How Goldman Controls The New York Fed: 47.5 Hours Of “The Secret Goldman Sachs Tapes” Explain“, “A Quick Look At Goldman’s Takeover Of The US Judicial System: NY Fed Edition“, and of course “I Am Putting Everything In Goldman Sachs Because These Guys Can Do Whatever The Hell They Want.”
And while it is very clear by now that nothing will change under the current corrupt and compromised executive, legislative and judicial system, because at the end of the day, Goldman has indirect control over all three branches of government , here is the one anecdote which, in a non banana republic, would be the straw that finally broke the camel’s back.
As the financial crisis raged in September 2008, Goldman Sachs and Morgan Stanley sought sanctuary from the Federal Reserve.
The last two big independent broker-dealers were allowed to become bank holding companies, giving them access to government liquidity that could keep them afloat.
Goldman drafted its own statement, quoting Lloyd Blankfein, chief executive, as saying: “We believe that Goldman Sachs, under Federal Reserve supervision, will be regarded as an even more secure institution.”
According to people familiar with the matter, Goldman then drafted another release and sent it to the New York Fed. This one was to be used as the central bank’s own statement. Continue reading »
Chinese Kids Driving Supercars: Inside the Secret Southern California Meet-up
Nov 18, 2014
China’s ultra-rich are growing in number and in wealth – and are sending billions of dollars out of the country. Much of it is landing up in the U.S. where many children of the wealthy elite are sent to get an American college education — and they’re living large. Vocativ found a sub-culture of these Chinese students in California. They drive luxury cars like Maseratis and Ferraris and flaunt their wealth at discreet private parties and in online groups, like “Super Cars in America”.
A decision by UK charity Save the Children to give Tony Blair its annual Global Legacy Award has unleashed a torrent of criticism highlighting the former PM’s role in Britain’s 2003 Iraq war and his controversial business dealings in the Middle East.
The former Labour leader, who is currently a key focus of a public inquiry into Britain’s invasion of Iraq, received the honor on Wednesday night at a star-studded gala hosted by the charity in New York.
Save the Children’s decision to offer Blair the award has provoked outrage across the UK, with critics insisting the move utterly discredits the charity.
With half the nation covered in snow, according to ABC, nowhere appears to have had it worse (or more suddenly) than upstate New York. As images pour in from lake-effect snow, to The Buffalo Bills stadium, and from scenes caught in a snow storm to pandas playing, we thought the following stunning drone’s-eye-view over Erie County was both incredible in its beauty and cruel in its GDP-destroying reality.
A Drone’s eye view of the beauty (and GDP cruelty) of a snow-buried upstate New York
For the second morning in a row, Jacksonville, Florida, dropped to a new record low.
With nasty cold fronts thrusting an icy and early winter across the continental U.S. — along with last winter described by USA Today as “one of the snowiest, coldest, most miserable on record” — climatologist John L. Casey thinks the weather pattern is here to stay for decades to come.
In fact, Casey, a former space shuttle engineer and NASA consultant, is out with the provocative book “Dark Winter: How the Sun Is Causing a 30-Year Cold Spell,” which warns that a radical shift in global climate is underway, and that Al Gore and other environmentalists have it completely wrong.
The earth, he says, is cooling, and cooling fast.
And yes, you read that one right:
Commerzbank, Germany’s second-largest bank, a toppling marvel of ingenuity during the Financial Crisis that was bailed out by ever dutiful if unenthusiastic taxpayers, will now reward these very folks with what Germans have come to look forward to: the Wrath of Draghi.
It started with Deutsche Skatbank, a division of VR-Bank Altenburger Land. The small bank was the trial balloon in imposing the Wrath of Draghi on savers and businesses. Effective November 1, those with over €500,000 on deposit earn a “negative interest rate” of 0.25%. In less euphemistic terms, they get to pay 0.25% per year on those deposits for the privilege of giving their money to the bank.
“Punishment interest” is what Germans call this with Teutonic precision.
The squat, wheeled machines move stocked shelves to workers
In its latest bid to boost productivity and speed delivery, Amazon.com Inc. is deploying a robot army.
The Seattle online retailer has outfitted several U.S. warehouses with squat, orange, wheeled robots that move stocked shelves to workers, instead of having employees seek items amid long aisles of merchandise, according to people familiar with the matter. At a 1.2-million-square-foot warehouse in Tracy, Calif., about 60 miles east of San Francisco, Amazon this summer replaced four floors of fixed shelving with the robots, the people said.
Now, “pickers” at the facility stand in one place and wait for robots to bring four-foot-by-six-foot shelving units to them, sparing them what amounted to as much as 20 miles a day of walking through the warehouse. Employees at some robot-equipped warehouses are expected to pick and scan at least 300 items an hour, compared with 100 under the old system, current and former workers said.
The robots are the fruits of Amazon’s 2012 purchase of Kiva Systems Inc. for $775 million. In May, Amazon Chief Executive Jeff Bezos told investors at Amazon’s annual meeting that he planned to deploy 10,000 Kiva robots by year-end, up from 1,400 at the time.
One really just can’t make this up. Perhaps the Fed inspector general, when he is done “fixing” the corruption at the NY Fed will be so kind to take a look at the Goldman takeover of the US judicial system next.
And the saddest thing: it cost the banks (and their lawyer lackeys) under a million to buy America’s judicial system off: American justice is not only for sale, it goes at firesale prices!
The most shocking, if already completely buried, news of the day was that – in yet another confirmation that Goldman Sachs is in charge of the New York Fed – a NY Fed staffer was colluding and leaking confidential, material information to a 29-year-old Goldman vice president, himself a former Federal Reserve employee. This only happened because on the day Carmen Segarra disclosed her 47 hours of “secret Goldman tapes” on This American Life, Goldman executives asked the former Fed staffer where he had gotten what appeared to be confidential information from. To nobody’s surprise the answer was: The New York Fed. So as the latter, also known as the biggest hedge fund of the western world with $2.7 trillion in AUM, is scrambling to once again prove it is shocked, shocked, that it has become merely the latest subsidiary of Goldman Sachs, Inc., it released the following statement explaining what “really” happened.
Two months ago, to much fanfare by the progressive community, HHS, if not Dr. Jonathan Gruber, were delighted to report that as of August 15, Obamacare enrollment had hit 7.3 million sign ups, well above the 7.0 million goal. Then a week ago we learned that “projection mistakes were made” after the “Obama administration revised its estimate for Obamacare enrollment, now saying – with the bruising midterms safely in the rearview mirror – that it expects some 9.9 million people to have coverage through the Affordable Care Act’s insurance exchanges in 2015, millions fewer than outside experts predicted.” Fast forward to today when moments ago Bloomberg reported, that “the Obama administration included as many as 400,000 dental plans in a number it reported for enrollments under the Affordable Care Act, an unpublicized detail that helped surpass a goal for 7 million sign-ups.“
The Dutch government has refused to reveal details of a secret pact between members of the Joint Investigation Team examining the downed Flight MH17. If the participants, including Ukraine, don’t want information to be released, it will be kept secret.
“While the general population is aware something is seriously wrong, people remain extremely confused about the root of the problem. This is because what’s happening all around us isn’t socialism and it isn’t free market capitalism. It is actually a return to something much more ancient and much more oppressive. It is a return to serfdom, neo-fedualism and oligarchy.”
A sinkhole 20 by 30 meters (65 by 98 feet) in size has been found near a Uralkali mine in Russia’s Perm region. While the company says the development is of no further threat, locals fear the whole nearby town could go underground.
— Насонов Кирилл (@nasonovkirill) November 20, 2014
The topic of ‘currency war’ has been bantered about in financial circles since at least the term was first used by Brazilian Finance Minister Guido Mantega in September 2010. Recently, the currency war has escalated, and a ‘sanctions war’ against Russia has broken out. History suggests that financial assets are highly unlikely to preserve investors’ real purchasing power in this inhospitable international environment, due in part to the associated currency crises, which will catalyse at least a partial international remonetisation of gold. Vladimir Putin, under pressure from economic sanctions, may calculate that now is the time to play his ‘gold card’.
A BRIEF HISTORY OF THE CURRENCY WAR
RUSSIA, NATO AND THE ‘SANCTIONS WAR’
SO, WILL PUTIN PLAY THE ‘GOLD CARD’?
Why is there this huge discrepancy between the value of gold and silver reported recovered, and the value reported to have been stored in the vaults? There are a number of possible explanations, from outright theft using the attack as cover, to insurance fraud. Until there is a genuine investigation that probes all the relevant facts and circumstances surrounding the attack, we can only speculate.
For the first time since it began collecting data in 1994, Kantar Worldpanel, the market researcher, reported a decline in UK grocery sales by value, as The FT reports the biggest UK grocers were “losing market share hand over fist,” as analysts warn “there are phoney price wars, and there are real price wars. This is a real price war.” This comes on the heels of Goldman report claiming 20% of British grocers are surplus to requirements. But it’s not just Britain… in the the cleanest dirty shirt world-economic-growth supporting decoupled economy of the USA, Reuters reports Dollar General may need to divest more than 4,000 stores to win approval from the U.S. Federal Trade Commission for its acquisition of Family Dollar.
Autonomous “Robocop”-style robots, equipped with microphones, speakers, cameras, laser scanners and sensors, have started to guard Silicon Valley.
The security robots, called Knightscope K5 Autonomous Data Machines, were designed by a robotics company, Knightscope, located in Mountain View, California.
The robots are programmed to notice unusual behavior and alert controllers. It also has odor and heat detectors, and can monitor pollution in carpets as well. Last but not least: with cameras, the Robocops can remember up to 300 number plates a minute, monitoring traffic.
This problem extends into the oligarchy of globalists, who adore the theories expressed in Plato’s “The Republic,” in which an elite cadre of “philosopher kings,” men who have achieved a heightened level of academic knowledge, are exalted as the most qualified leaders. However, leadership requires more than knowledge, even if that knowledge is profound. Leadership also requires compassion and informed consent, two things for which the elites have no regard.
The Internal Revenue Service reportedly wants London Mayor Boris Johnson to write a check for taxes he owes to the United States government, but the UK politician says he isn’t paying.
Those ‘brilliant’ Japanese ‘visionaries’ never heard of Fukushima:
Will people ever live in underwater cities? Japanese construction firm says it is possible by 2030. The visionaries revealed a $25 billion deep-sea eco-city plan called Ocean Spiral for 5,000 people that will produce energy from sea resources.
Many have pondered the idea of living under the sea while sci-fi film directors such as George Lucas tempted our imagination with stunning images of underwater cities. Such was the Gungan city consisting of a mass of hydrostatic bubbles shown in the first part of the “Star wars” epic space film series.
Now a Japanese construction firm Shimizu Corp. says that building an underwater residential area is not a fantasy and aims to build one by 2030 – in just 15 years.
The head of the National Security Agency warned Congress on Thursday that China and “one or two” other nations currently possess the capability of crippling the American power grid through cyberattacks.
It has become quite clear that the Fed neither has the intention, nor the market mechanism to do any of that, and certainly not in a 3-6 month timeframe. Which may explain the Fed’s hawkish words on any potential surge in market vol. After all, if the nearly $3 trillion in excess reserves remain on bank balance sheets for another year, then the only reason why vol could surge is if the Fed lose the faith of the markets terminally. At that point the last worry anyone will have is whether and how the Fed will tighten monetary policy.
It is still far too early to call a turn in the long-term trend of initial jobless claims but this is the 5th week that new lows have not been made, 4th miss in a row, and (despite last week’s upward revision) claims sit at 2-month highs. Initial claims printed 291k (against 284k expectations) down very slightly from an upwardly revised 293k last week. However, continuing claims continue to tumble to fresh cycle lows at 2.33 million (below expectations and well down from last week’s jump).
Ugly data in Asia, Europe, and US PMI meant US equities opened gap-down… that was unacceptable to ‘someone’ and so the “most shorted” names were squeezed. However, after 10 minutes the ramp started to fade… and so the big boys ‘fat-fingered’ VIX and that rescued the dip. That would be fine… but it happened again at 958ET when stocks started to fade again and suddenly VIX was lit up and zoom… stock momentum was ignited and all was well in the world… Broken record? Yes! But clearly someone has to take note of this rigging…
“I’ve seen ice like this or even worse, but it’s usually not until the middle of December,” says lockmaster.
Game 9 – 2014 World Chess Championship – Magnus Carlsen vs Viswanathan Anand
WTF: A Night With Japan’s Highest Paid Male Gigolo
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