Preet Bharara – Overhyped and Toothless

Gary Weiss in Salon

“Yet nowhere in Gabriel Sherman’s well-researched piece in New York is there even one mention of Preet Bharara.

There’s a simple reason for that:  Preet Bharara is not busting Wall Street. He’s not collaring the masters of the meltdown. He’s done nothing to even slightly discomfit Wall Street’s still-ferocious money machine, or has yet to bring to justice the architects, enablers and continuers of the 2008 financial crisis — the bankers who got us into that mess, and the ones who are continuing to extract pain from foreclosed homeowners, in the New York area and beyond.

As a matter of fact, his over-hyped insider-trading prosecutions, the main focus of the Time piece, are doing the Street a favor, by targeting people who actually ripped off Wall Street — individuals like hedge fund managers Raj Rajaratnam and Danielle Chiesi, who functioned a bit like the goons who used to dope race horses in the old days.

Bharara’s insider trading targets rigged the game for their own profit by illegally misappropriating information, in effect stealing from their employers and other investors, just as the horse-dopers cheated racetracks and other betters. Another analogy, also from the racetracks of old, would be to the scam artists who used to “past-post”: bet on races after they knew the outcome.

That’s how insider trading works. It’s a form of theft and cheating. It’s bad. Bharara was right to prosecute them, just as he has aggressively pursued drug gangs in the outer boroughs. But let’s be clear on something: The big players, the Goldman Sachses, Merrill Lynches, Banks of America and so on, don’t like insider trading any more than Preet Bharara does.

And none of his criminal prosecutions to date — including his recent bust of three high-ranking former Credit Suisse execs, accused of rigging the value of mortgage bonds they held in 2008 — had any connection to the pain being felt by Americans today, which can be directly traced to the misconduct of mortgage bankers and derivatives traders in the run-up to the financial crisis.

The real perps of the financial crisis haven’t been in Bharara’s — or the Justice Department’s — cross hairs for a single moment since Barack Obama took office three years ago. It’s one of the most troublesome failings of his administration.”

Rajat Gupta: Establishment Trying To Spin Jury’s Unholy Haste

Ha ha. The establishment is trying to put out some good spin to cover up for the haste with which this obviously rotten case was tried and resolved.  Good try, but people are shocked with good reason, they can see the fix is in, and all the slanted articles aren’t going to hide the stink rising from this steaming pile of dung that just got offloaded in Manhattan.

Here’s the Wall Street Journal, spinning like top:

“During the four-week trial of former Goldman Sachs Group Inc. director Rajat Gupta, juror David Klein often glanced in different directions than his fellow jurors.

“When they were intently focused on a witness on the stand, Mr. Klein would be eyeing Mr. Gupta,” said defense trial consultant Julie Blackman.

Mr. Klein, 53 years old, initially voted to acquit Mr. Gupta on all counts, the only holdout among the 12 jurors in the insider-trading case, according to jurors.

In an interview, Mr. Klein said he wanted to approach the case methodically. “The case was based entirely on circumstantial evidence that warranted more scrutiny,” he said. “I didn’t think it was something we should rush into.”

Another False-Flag

“We’re done folks. CNBC is reporting that there are now clients running out of the markets entirely because they do not believe their customer funds are safe. That’s the end of it. The belief that there are more MF Globals has now taken hold. The thieves have pushed it too far and now we’ve got the start of a global liquidity run, and with good reason”

—  Karl Denninger at The Market Ticker

[Gerald Celente, noted financial analyst and publisher of The Trends Journal, said recently that he’d lost six figures in the collapse of MF Global, which owned his commodity futures brokerage file and filed for bankruptcy on October 31, 2011. MF Global was headed by corrupt ex-Goldmanite Jon Corzine, who has resigned from MF and  is now being sued by investors.

Celente then called for a run on the banks on a show with talk radio host, Alex Jones, an anti-NWO activist:

“When I say take your money out of the banks and put it under the mattress, this is not advice,” Celente says. “Personally, I buy gold coins from reputable companies. I take my money out of investment funds and I buy gold and silver. You need the three g’s — gold, guns and a get-away plan.”

Celente has called for “direct democracy” recently,  a demand that I think is in tune with what the financial elites want. That’s what made me think the MF collapse was being used as a false-flag of some kind.

It was, maybe, intended to provoke a run and Denninger is amplifying it.

I recall that Max Keiser (a former derivatives trader and leftist who has now set himself up as a critic of derivatives) tried to provoke a bank run on JP Morgan, by telling people to go buy silver in December 2010.

Keiser disengages himself from Al Gore these days, but he still believes in anthropogenic global warming and the need for something to be done about it.

He seems to want chaos and confrontation on the streets, according to those who follow him closely. He is in favor of a carbon exchange, which, as a trader, he probably knows would be very lucrative for insiders.

On the forums of PrisonPlanet, one observer notes that Keiser claimed that if silver went to $47, JP Morgan would collapse.  Well, silver went to $49 this year, and JP Morgan is still around.

I have no idea what Celente’s role is in all that, but it’s all mighty suspicious to me.

He has, for instance, said that he is “all for this Occupy Wall Street”.

No ifs, no buts. No reservations. No questions.

It’s all good, for Mr. Celente. It’s all democracy, even thought it’s apparently paid for by billionaire George Soros, to whom the CIA has essentially outsourced its functions.

I didn’t comment on the story before, not knowing what happened exactly, but now I’m beginning to think it was intended to provoke a run and maximum panic. Apparently, it’s had that effect.

Celente and others are also promoting “direct democracy”, which, like “full transparency”, is something the elites want, whatever its inherent merits. Those merits aren’t the point. The elites will use whatever tool they can.

The point is direct democracy in which the social media is manipulated anonymously by intelligence agencies, corporations, governments, and media shills, is  tyranny by another name.

Here is what I wrote about Celente last month.

Gerald Celente Stabs anti-NWO Folks Front, Back, and Center, October 14, 2011:

I do not  say that direct referendums necessarily lack merit. They might work, were we living in small city states…. and were the internet discontinuous, fragmented, and highly private…. and were most people rational, well-educated, self-critical and self-reliant.

But we aren’t, it isn’t, and they aren’t.

So Direct Internet Democracy will not be anarchism, right or left, and it won’t be Christian liberty. Nor will it be federalism or decentralization.

It will be the direct control of the masses through electronic networks, propaganda, surveillance, and co-option of alternative mouthpieces of all stripes, across the board.

Direct Electronic Democracy = Tyranny

I call it Direct Electronic Action for Tyrants and Demagogues

Which equals DEATH. The death of true liberty.

OWS-Connected Manifesto Calls For Global Government

From the October 14 Manifesto endorsed, apparently, by Eduardo Galeano (socialist), Naomi Klein (socialist), Noam Chomsky (allegedly left-anarchist) and Vandana Shiva (environmentalist):

“Undemocratic international institutions are our global Mubarak, our global Assad, our global Gaddafi. These include: the IMF, the WTO, global markets, multinational banks, the G8, the G20, the European Central Bank and the UN Security Council. Like Mubarak and Assad, these institutions must not be allowed to run people’s lives without their consent. We are all born equal, rich or poor, woman or man. Every African and Asian is equal to every European and American. Our global institutions must reflect this, or be overturned.

Today, more than ever before, global forces shape people’s lives. Our jobs, health, housing, education and pensions are controlled by global banks, markets, tax havens, corporations and financial crises. Our environment is destroyed by pollution in other continents. Our safety is determined by international wars and international trade in arms, drugs and natural resources. We are losing control over our lives. This must stop. This will stop. The citizens of the world must get control over the decisions that influence them at all levels – from global to local. That is global democracy. That is what we demand today.

Comment:

If this weren’t so serious, it would be funny.

“Global Mubarak, Assad, and Gaddafi,” eh? All brown-skinned Muslims? No mention of  Barak Obama or George Bush or Bill Clinton? No mention of Paul Wolfowitz?

The Global Wolfowitz Is At The Door has a nice ring…..

Global Netanyahoo? Too polysyllabic for comfort.

And George Soros, many megawatts more powerful than some Middle Eastern dictators? But Global Soros sounds too much like a disease….

Talking about Soros, check back this to post of mine from June 2010, which analyzes a Soros proposal for global democracy, from 2009. This adds weight to what I said about the push-back against the Tea Party starting in 2009.  When he talks about  “demagogues” in the piece, he means the middle-class that rose up against the bail-outs.

Oh dear. A bunch of professional activsts, westerners all (Vandana Shiva notwithstanding), sharing the same old world view (all leftists), speaking for the six billion plus people of this planet, hundreds of nations, hundreds if not thousands of languages and dialects, scores of religions, ethnicities, millions of companies and associations, most of whom are going about their business and have nothing to do with OWS.

How’s that for Global Chutzpah?

Here is Vandana Shiva calling for global democracy and name-checking George Soros and Mikhail Gorbachev (ANC.net/au):

“And you might remember Gorbachev was a very keen free marketer, and he was speaking with me at the opening plenary of this meeting and said “it’s turned out to be very different from what I had imagined. I thought it would bring democracy; it brought mafia rule.”

And then the person who’s really won out in this game of globalisation — George Soros — he was there too, and this is what he said. (my italics and emphases throughout)

He said: “free markets were supposed to have created open societies, free societies, but we cannot speak of the triumph of democracy. Capitalism and political freedom do not go hand in hand. We cannot leave freedom and democracy to market forces. We need to create our own institutions and different institutions from those that serve capitalism to take care of it.

And anyone,” this is not my words, it’s not your words, it’s George Soros’, “who thinks they can leave freedom to free markets is a market fundamentalist, that’s not how societies work”.

Ms. Shiva, we love your work.  But don’t be taken in by this Hegelian dialectic, this Mighty Wurlitzer of media manufactured global consensus between faux free-marketers (Soros) and faux -anarchists (Chomsky). The missing term from both adjectives is “state”. Soros is a state capitalist and Chomsky is a state socialist. It is the capitalist-communist convergence.

State-capitalists fund the think-tank circuit and foundation activism. The corrosive effects of this on democracy have been established many times by serious analysts.  In what sense then can foundation activists call for democracy? A polarised dialectic is created by the state-capitalists to co-opt reform, and people like Ms. Siva are there to put a diverse face on the resolution of the dialectic and make it acceptable to the non-western world.

Step back and think about the invisible hand here.

Who is this George Soros?

Even Magasaysay Award-winning Medha Patkar, according to renowned anti-globalization activist Arundhati Roy, has allowed herself to be bamboozled by the Wikileaks-blessed Anna Hazare circus.

Now, it is becoming clear to many that behind the attractive “anti-corruption” agenda, which is dear to many, many ordinary Indians, the globalists are showing their hand, by trying to hustle through legislation favorable to them (the Janlok Pal Bill) in the hubbub of the cynically named so-called “Second Indian Independence.”  The government must be “transparent,” but foreign-funded non-governmental organizations promoting chauvinism and wedge-issues, mixing legitimate grievances with bogus accusations, must be exempt from transparency requirements.

Civil Unrest In Guadalupe, February 2009

Researching trouble spots that could predict how civil unrest might  unfold in the future, I came across this report from February 2009 ,about insurrection in the French Caribbean. It is described, literally, in black and white terms, as a class war that breaks out along racial lines. The source being The Daily Mail, this might be sensationalistic. But there’s no denying it’s plausible:

“Britons are among thousands of tourists fleeing Guadeloupe after full scale urban warfare erupted on the French Caribbean island.

Trouble broke out on the island earlier last month after protesters began rioting over high prices and low wages.

But the situation escalated this week after protesters began turning on rich white families as they demanded an end to colonial control of the economy.

The troubles come at the height of the holiday season, with thousands of mainly British, French and American tourists on the paradise tropical island.”

Read more: http://www.dailymail.co.uk/news/worldnews/article-1150062/Britons-flee-French-island-Guadeloupe-rioters-turn-white-families.html#ixzz10g0gHgMy

Which “Bastards”? More Discrepancies In Wikileaks “Revelations”

Maximilien Forte at Zero Anthropology:

“Which Bastards?

When asked by Larry King on Monday, 26 July, who he meant to call “bastards” when he told Der Spiegel “I enjoy crushing bastards,” Assange specified he meant U.S. forces. Assange must also believe that those studying these documents will not focus as much on the atrocities committed by the Taleban, such as the devastating carnage caused by their IEDs and suicide bombers, and their apparent disregard for the scores of civilians that are killed as a result of going after one target with a massive bomb–The Guardian, with what is arguably the best coverage of the three newspapers to have obtained the documents a month in advance of their public release, has already covered this aspect quite quickly. In these same reports, the Taleban appear to be using hammers to kill mosquitoes. Left at that level of discussion, we have data, but not much understanding–for example, of why the Taleban have nonetheless gained strength and support, or why we may view their deadly attacks as something for which the U.S. and NATO share partial responsibility, for having overthrown and persecuted the Taleban after invading and occupying their country, thereby provoking a hostile and asymmetric reaction. It would be a silly or wicked person who would argue that Afghans have no right to fight back.

While I generally agree with Assange’s sentiments, to the extent that they are knowable, I do not share his optimism about the impact of these documents. Information is not power, and it is not meaning. To make sense of these documents requires interpretation and argumentation that goes beyond and outside the limits of what are, after all, reports reflective of an American optic, produced by combatants. Source criticism and cross checking will be paramount, and to the extent that is not done, Wikileaks may witness members of the public using the same documents to not only bolster the arguments to support continuation of this war, but even an escalation to direct hostilities with Iran (see The Guardian, and see the justified alarm expressed by Marc Lynch at Foreign Policy). There is also debate between The Guardian and The New York Times over the extent to which the reports can be trusted when it comes to Pakistan’s supposed role in aiding the Taleban and conducting covert operations against the government of Afghanistan and western forces–that dispute happened within the first day of reporting on the documents, and disagreement over their credibility did not stop the governments of Afghanistan and Pakistan from verbally thrashing each other in public, again within 24 hours of the documents’ release. These reports overall contain enough to hurt those who are critics of U.S. foreign policy, as much as they will hurt those who support it. They contain as much potential for escalating and expanding conflict, as they contain for mobilizing popular support to stop it. I also understand that my commentary here may well be premature, but then so are all the current commentaries.
What Should Matter to Social Scientists?

To bring this discussion closer to the concerns of anthropologists and social scientists generally, there are a few points that I feel need to be made. One concerns the extent to which these records are only a partial selection of all records produced by the U.S. military. That is a significant problem, because we cannot know if the items excluded would in some way modify any conclusions we reach about the records we have. Wikileaks received a total of about 110,000 records, and released about 92,000. It is hard to believe that a period covering six years of war could have produced only this amount. To my knowledge, Julian Assange has not been asked any questions about this issue. We therefore also do not know why these records were included and others excluded. This issue will come up again when I speak about what the records reveal about the workings of the Human Terrain System.

A second problem, and it is a major one, concerns Assange’s assertions that the items were redacted to minimize the risk of harm to the sources indicated in the records. From what we have seen already, just with reference to Human Terrain Teams alone and their sources, that is completely untrue. There is no evidence whatsoever of any kind of redaction. Moreover, when one deletes information for a record, one is supposed to mark the text in some way to say either “name deleted” or “sentence deleted,” etc., and I see no evidence of that. In addition, who comprises Wikileaks’ team of redactors, and on the basis of what knowledge and expertise, as either war fighters, or people with experience and knowledge of Afghanistan, could they make calls about what was “harmless” versus “harmful” information? Which specialists did they consult, and for how long did they have the records to study? Not a word about this, merely bland and general assurances.

Indeed, Assange’s statements about Wikileaks’ “harm minimization process” seem to only focus on the safety of his “bastards,” noting that the documents “do not generally cover top-secret operations” and that they “delayed the release of some 15,000 reports” as “demanded by our source” (source). This is an exchange Assange had with Der Spiegel on this issue:

SPIEGEL: The material contains military secrets and names of sources. By publishing it, aren’t you endangering the lives of international troops and their informants in Afghanistan?

Assange: The Kabul files contain no information related to current troop movements. The source went through their own harm-minimization process and instructed us to conduct our usual review to make sure there was not a significant chance of innocents being negatively affected. We understand the importance of protecting confidential sources, and we understand why it is important to protect certain US and ISAF sources [emphasis added].

SPIEGEL: So what, specifically, did you do to minimize any possible harm?

Assange: We identified cases where there may be a reasonable chance of harm occurring to the innocent. Those records were identified and edited accordingly.

A third problem has to do with source criticism, source confirmation, and Assange’s call for crowdsourcing. Anthropologists should relate to this issue personally. Imagine that someone gets hold of your fieldnotes, and releases a part of them. No analysis, no contextualization, no doubts about the veracity of what an informant told you is in those notes. They are released, and then members of a broad public take hold of their interpretation, and take what is reported as the truth of a situation. Wouldn’t this make you freak out? Are any of our books and journal articles a mere transcription of our fieldnotes? So who is this “crowd” that will make solid arguments from these notes? How will they check their veracity? Do they know who wrote these reports, under what conditions, under what limitations, and with what motivations? Will they travel to Afghanistan and cover the ground covered by these military units? What other documents will they use to confirm these reports, or will they trust them blindly? These are already some of the issues being raised about the alleged Iran-Al Qaeda connection, and Pakistan’s role in supporting the Taleban.”

Helen Thomas: An Appreciation

Paul Craig Roberts, former Assistant Secretary of the Treasury in the Reagan Administration, at Foreign Policy Journal, (via Counterpunch), June 16, 2010:

“The propagandists for the Israel Lobby, who occupy the Wall Street Journal editorial page while pretending to be journalists, are determined to remove Helen Thomas from the annals of journalism. In case you have already forgotten, a few days ago the distinguished career of Helen Thomas, the 89-year-old doyen of the White House Press Corps, was ended by the Israel Lobby, which made an issue about her opinion that immigrant Jews should leave Palestine and go back to their home countries. Continue reading

Indian versus Israeli Reactions To Provocation

The Great Bong on the difference between the Indian and the Israeli approach to provocation:

“As someone primarily interested in sub-continental politics, what is most interesting for me however, more than the role of Turkey, is the difference between India and Israel in their reactions to provocation, being in similar boats—– — democratic countries with strong militaries, surrounded by antagonistic countries on many sides, eager to provoke them to conflict over disputed territories. Continue reading