Money « rjjrdq's America II

SEC Hacks Rewarded for Incompetence

The fraud perpetrated by Bernie Madoff cost investors at least $50 billion. His brazen ponzi scheme went on for years as the SEC concentrated on things like forcing companies to predict the effects of global warming on their companies in annual reports. They also let former Countrywide scum Angelo Mozilo walk away unscathed as the housing market imploded due to his significant input. In the end, a guy off the street was blowing the whistle so loudly that Madoff turned himself in. Still, there are those at the SEC that were rewarded handsomely for their incompetence.

A little known investment analyst named Harry Markopolos took a look at Bernie Madoff’s hedge fund and saw immediately that something wasn’t right. The incredible gains were just beyond reality. A few math calculations showed that indeed, they really were beyond reality. Markopolos voiced his concerns to the SEC several times, but they never took any action. Check that, the New York branch of the SEC looked into Madoff’s activities, and after 11 months found nothing and closed the case. Markopolos found something in five minutes. He was pretty detailed in what he suspected, but his pleas to the bumbling SEC fell on deaf ears. Continue reading SEC Hacks Rewarded for Incompetence

Companies Targeted for Avoiding Risky Borrowers

I’ve said before that you can expect an explosion of ethno based politics as engineered demographics is forced on the United States. Here’s a grenade to give you a little taste of what’s coming.

A group calling themselves the National Community Reinvestment Coalition filed a complaint with HUD, charging that some lenders were denying mortgages to those with credit scores that qualify them under HUD guidelines. Some lenders were only handing out loans to those with credit scores of 600+, while HUD only requires a minimum of 580 to qualify. If this proves to be the case, the NCRC would technically be in the right for filing the complaint. The Obama regime has promised to make it right. Continue reading Companies Targeted for Avoiding Risky Borrowers

U.S. Unemployment: Made in China?

For those seeking gainful employment that feel China has nothing to do with their situation, look at it this way: If not for China manipulating its currency, you might still have a job.

October 15 was the deadline for President Barack Obama to decide if he would accuse China of manipulating its currency. It is part of a congressional requirement that the Treasury Department issue a report twice a year on countries that manipulate their currency. The fallout of such an accusation could be severe.

Angering the Chinese by basically accusing them of being crooks could spark a trade war. With the trade deficit already at an all time high of $27.9 billion with China, the consequences for the American consumer will be extreme, at least in the short run. It could also affect how much money the United States can borrow from China. They may also cash in some of the U.S. bonds they now hold. Either scenario is likely to be crippling to the United States. Continue reading U.S. Unemployment: Made in China?

rjjrdq's America II

SEC Hacks Rewarded for Incompetence

Companies Targeted for Avoiding Risky Borrowers

U.S. Unemployment: Made in China?

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rjjrdq's America II

SEC Hacks Rewarded for Incompetence

Companies Targeted for Avoiding Risky Borrowers

U.S. Unemployment: Made in China?

Social Security COLA Increases Shelved Again

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