Felix Salmon Gets It Right On Short-Selling

Felix Salmon gets it right about short-selling this time round, at Seeking Alpha: (December 31):

“It’s not just short-sellers, either: most financial professionals are essentially parasitical on people who genuinely add value in the real world. Old-fashioned lending is important, and I’d say that stock markets in general also count as a positive financial innovation, since they make it vastly easier for companies to raise equity capital. But in my ideal world, people working for real companies like Kodak would make more money, in general, than people working for more parasitical financial-services companies. The fact that it’s the other way around worries me. While finance may or may not be good at the efficient allocation of capital, it seems to be positively bad when it comes to the efficient allocation of the labor of intelligent and perspicacious individuals.” Continue reading

Swine-Flu Vaccine Facts That Should Frighten You

One of the best read articles in 2009 on Lew Rockwell was  one by Bill Sardi on eighteen reasons you shouldn´t take the swine flu vaccine.  Here´s an excerpt, but it´s worth reading the whole piece.

“4. The vaccines will be produced by no less than four different manufacturers, possibly with different additives (called adjuvants) and manufacturing methods. The two flu inoculations may be derived from a multi-dose vial and in a crisis, and in short supply, it will be diluted to provide more doses and then adjuvants must be added to trigger a stronger immune response. Adjuvants are added to vaccines to boost production of antibodies but may trigger autoimmune reactions. Some adjuvants are mercury (thimerosal), aluminum and squalene. Would you permit your children to be injected with lead? Lead is very harmful to the brain. Then why would you sign a consent form for your kids to be injected with mercury, which is even more brain-toxic than lead? Injecting mercury may fry the brains of American kids. Continue reading

Anarchism In the Kibbutz Movement

Haaretz on a study of anarchism in the Kibbutz movement:

“If there is a vision of Israel that can avoid the polarization and mythmaking of much Diaspora and Israeli discourse, it requires an appreciation of the complexities of Israeli society. James Horrox’s “A Living Revolution: Anarchism in the Kibbutz Movement” provides a welcome reminder that Israel wasn’t always seen by radicals as an outpost of Western imperialism. Horrox unearths the utopian, anarchist influences behind the growth of the kibbutz movement in pre-state Israel. Anarchism may be a highly flawed ideology, but at the very least it offered a vision of Zionism that, in not aiming to build a Jewish state, held out the possibility of a land in which Jews and Muslims could coexist peacefully. This was never likely to happen, of course, but at the very least it’s important to remember that Israel didn’t have to be the place that its contemporary detractors and defenders imagine it to be – and it doesn’t have to be that place now.”

My Comment:

Notice the reflexive genuflection to the state. Why is anarchism that promises coexistence a flawed ideology? Isn´t “flawed” a much truer description of the statist ideology rooted in race and faith (Zionism) that guarantees displacement of one people by the other?

Wikipedia Scanner and Deletionpedia

This Wired article by John Borland from August 2007 references a handy tool – the wikipedia scanner – for anyone interested in finding out what sorts of edits are being made at wikipedia. The author argues that while most edits, even from interested parties, seem relatively minor and informational, it´s also true that corporations like Diebold (the maker of the Diebold voting machine), Walmart (among many corporations), and the CIA have all been involved in altering information.

“Wikipedia Scanner — the brainchild of Cal Tech computation and neural-systems graduate student Virgil Griffith — offers users a searchable database that ties millions of anonymous Wikipedia edits to organizations where those edits apparently originated, by cross-referencing the edits with data on who owns the associated block of internet IP addresses……

The online encyclopedia allows anyone to make edits, but keeps detailed logs of all these changes. Users who are logged in are tracked only by their username, but anonymous changes leave a public record of their IP address.”

Though it´s nice to see a mainstream publication like Wired, take up this topic, I wonder if it´s only touching the tip of the iceberg.

It´s not the suppression of so-called “conspiracy theory” type articles or their authors that I worry about. It´s the skewing of mainstream topics  and the tarring of perfectly respectable publications that are well-sourced and written by well-educated and informed people, and that have broken or explored important stories, often long before and far better than the mainstream media.  By removing those sources and sending researchers to so-called mainstream media sources the establishment keeps a tight control of whose voice gets heard, and more importantly, whose voices are annointed with authority.  Since many of the alternative voices are those of foreigners, working class or disenfranchised people, immigrants, or political dissidents, this skewing is both censorship as well as a form of cultural imperialism, with a distinct racial, religious, and linguistic bias, i.e. in effect,  the skewing tends to promote Anglo-European, state-centric, non-religious or anti-religious, English-language  perspectives over others.

If you want to search for articles that have been deleted that you think should be put back on wikipedia, check out deletionpedia. You need to look in the deletionpedia archive, and even then, not all deleted articles end up there.

More Apparent Wiki Whacking On Naked Short Selling

Deep Capture has more on wiki manipulation in its latest post:

“In the past (as you can read about here), we know Weiss spread misinformation relating to stock fraud via Wikipedia on behalf of the Depository Trust and Clearing Corporation (DTCC), the Wall Street firm considered a key enabler of illegal short selling. Exactly who’s sponsoring Weiss these days is unclear; however, as the evidence that follows will demonstrate, his concerted effort to whitewash DTCC’s Wikipedia article makes that company the prime suspect.

Now that his ruse has been uncovered – yet again – the focus becomes one of identifying and repairing the damage done. A brief review of some of the thousands of changes made by Weiss will give you a sense of both the scope of the problem and the nature of his motives. I’m organizing the following tiny sampling of Weiss’s Wikipedia edits by topic, with the content as it originally appeared on the left, with Weiss’s changes on the right. Words added or removed appear in red.”

My Comment

For now, I am just posting this as an interesting development that I haven´t personally verified.  Also, I think any notion that the tide has turned on wiki manipulation is overly optimistic.  I doubt, for example, that Weiss´ media bosses don´t know what´s happening. That to me is an incredibly naive position to take.

DTCC Board Stuffed With Kleptocrat Banks/Funds

The DTCC (Depository Trust and Clearing Corporation) is the largest depository in the world, and, along with its subsidiaries, the place where all transactions in equities, money market funds, corporate and muni bonds, MBSs and derivatives are cleared and settled.  Activists have been demanding detailed release of trades which haven’t been settled or have failed to deliver (FTD), because of the obvious potential for manipulation, A glance at the board of directors, which consists of leading figures from the banks and funds, many of whom profited hugely from the government bail-out, shows that concern is amply warranted.

From Citizen Economists:

DTCC BOARD OF DIRECTORS

The DTCC’s board includes 20 directors.

Art Certosimo, Senior Executive VP, Bank of New York Mellon
Norman Malo, President and CEO, National Financial Services LLC; Fidelity Investments
Stephen P Casper, Partner, Vastardis Capital
Gerald A. Beeson, Senior Managing Director, COO. Citadel Investment Group
Donald F. Donahue, Chairman and CEO, DTCC
William B. Airnetti, President and COO, DTCC
J. Charles Cardona,  CEO Bank of New York Mellon – Cash Investment Strategies,  President of the Dreyfus Corporation
Randolph L. Cowen, Co-Chief Administrative Officer, Goldman Sachs Group Inc
Norman Eaker, CAO, Edward Jones
Timothy J. Theriault, President – Corporate & Institutional Services, Northern Trust Company
Neeraj Sahai, Managing Director and Global Business Head, Securities and Fund Services, Citi
Gerard La Rocca, Chief Administrative Officer, Americas Barclays Capital
David A. Weisbrod, Managing Director and Risk Executive, JP Morgan Chase Bank
Stephen Luparellyo, Vice Chairman and Senior Executive Vice President of Regulatory Operations, FINRA
Mark Alexander, Managing Director, Global Wealth and Investment Management – Bank of America, Merrill Lynch, Head of Technology Operations, Broadcort Clearing
Ronald Purpora, ICAP Securities USA LLP
Robert Kaplan, Executive Vice President, State Street Bank and Trust Company
Michele Trogni, Managing Direcotr and Global Head of Operations, UBS Investment Bank
Ian Lowitt, Administrative Officer, Lehman Brother

Steve Cohen, Third Biggest Owner of Sotheby’s In 2009 (Corrected)

Modern Art Obsession has a post from April 2009 (see below) about Steve Cohen exhibiting a collection of his art at Sotheby’s, (where he  is the third largest owner). The exhibition ran exactly at the same time as Sotheby´s Spring Modern and Contemporary Auction. The Cohen art was not for sale.

Quote:

“So.. we guess there are other ways to dump an art collection skin a cat.

Hmmm… Maybe the page from the Billionaire Art Opportunist Collector playbook could be :

  • Step 1.. Buy lots of Art, push prices way up, and tell everyone who’ll listenin the media you’re a wise long term buyer.
  • (Photo #1, Richard Prince, “Graduate Nurse, 2002”,Ink jet print and acrylic on canvas,89 in x 52 in.   FYI… A description from Sotheby’s.. “This work is one of the best paintings Prince ever made, particularly because of its monumental scale and the rich, painterly quality of the brushstrokes”)
  • Step 2.. Buy an art auction house (or a Whopping controlling interest in one),
  • Step 3.. Stage a show of the great works having auction house experts tout your collection..
  • Step 4..Tell everyone these art works, on proud display, are not for sale
  • Step 5… Wait for someone stupid enough to say.. I wish I could have a collection like the one by this well known art collector, which just happens to be on display in the auction house.
  • Step 6.. To be determined…. Hmm.. possibly.. Cash out..??

Note: Cohen’s SAC Capital amassed its position in Sotheby’s in the 6 months upto March 31, 2009, and  Sotheby’s shares doubled by June 2009 from a low in February.

Correction (January 7, 1020):  Cohen sold his stake in June:

The fund acquired its Sotheby’s stake between September and April, a period in which the auction house’s stock was battered by the financial crisis and a shrinking art market. The share price was below $10 for much of that period, down from a high of $61.40 at the end of the boom. This spring, the stock rebounded somewhat –­ it was $14.48 a share on June 30­, so SAC’s sale of its roughly four million shares was likely to have netted several million dollars

Edward Bernays On Why Conspiracies Work

“In almost every act of our lives, whether in the sphere of politics or business, in our social conduct or our ethical thinking, we are dominated by the relatively small number of persons […] who understand the mental processes and social patterns of the masses. It is they who pull the wires that control the public mind, who harness old social forces and contrive new ways to bind and guide the world.”

—  Edward Bernays

GATA Sues Federal Reserve For Records On Gold Manipulation

From the website of the Gold Anti-Trust Action Committee, the leading activist against gold price manipulation in the market:

“GATA today brought suit against the U.S. Federal Reserve Board, seeking a court order for disclosure of the central bank’s records of its surreptitious market intervention to suppress the monetary metal’s price.”

For some of my warnings of gold price manipulation, see the following:

“Was the IMF Involved in Gold Price Manipulation?” Dissident Voice, June, 2006

Hanky-Panky at the Counting House,” Dissident Voice, June 6, 2006

American Pot Described By Chinese Kettle

Veteran investigative journalist David Lindorff in 2005 on the Chinese turning the tables on the US on human rights:

” The New York Times was almost apoplectic Sunday over a human rights “report card” issued by China’s Foreign Affairs Department on the United States. That report, a response to the annual report on China’s human rights situation issued by the U.S. State Department, called attention to a number of areas where the U.S. is in violation of universally accepted norms of behavior.

Having lived for two years in China–a fascist-style military dictatorship where the law is simply another tool of repression for those in authority, and where people are routinely locked up, tortured, deprived of their livelihood and even their lives for such transgressions as posting comments on a website, protesting a corrupt boss or conducting prayer services in a private home, and a place where perceptions of America can be pretty bizarre–I was expecting something comic after reading in the Times that the report on the U.S. “approaches caricature.”
In fact, putting aside whom it was doing the talking, the report was pretty damned accurate, and devastating.
American society is characterized by rampant violent crimes, severe infringement of people’s rights by law enforcement departments and lack of guarantee of the right to life, liberty and security, the Chinese report said, noting that in addition to the threats from uniformed law enforcement, some 31,000 Americans were killed by firearms last year. The report also noted America’s record two million prison inmates, and the fact that three times that many are on parole or probation.
Caricature? Hardly. The number of people being jailed in the U.S. is a national scandal, particularly considering the percentage who are black and Latino, and the fact that most are there for non-violent offenses. And no surprise there: Nearly every time I am on the road and see a car pulled over by a trooper, I discover that the driver is black. Unless blacks are uniquely prone to speeding, there is an epidemic of racial profiling, and it’s not limited to highways.
American democracy is manipulated by the rich and malpractice is common, the report continues, noting that elections in the U.S. are “in fact a contest of money.” Really. Can anyone honestly call this a caricature? I remember when I was teaching a group of journalism graduate students in Shanghai, I received my mail ballot from home, which at the time was a small town in upstate New York. I was happy to receive it because I wanted to show it to my class, where the students were anxious to see first-hand how American democracy works. Imagine my chagrin when I opened the envelope and saw that the ballot was composed entirely of single candidates for each post. Republicans so dominated the upstate region that no one bothered to run against them for any town or county post! “These look just like our ballots!” the students said in amazement. Nor in our current red state/blue state polity, are things much different across most of the country, where campaign funding laws, or the lack thereof, make incumbency virtually a guarantee of re-election.
In the area of economic rights, the Chinese report said poverty, hunger and homelessness “haunt the world’s richest country.” Here I’d have to disagree. While the figure they used (from the U.S. Census Bureau—36 million living in poverty—is correct, it is hardly a condition that “haunts” the majority living above the poverty line, since our derelict corporate media don’t cover the poverty beat, and our economically segregated communities make it easy for people to ignore the suffering in the midst of plenty. Still, noting that a sixth of the nation lives in poverty is no caricature. It’s a fact.
Racial discrimination? The report says it permeates every aspect of society, while the new post 9-11 homeland security regulations especially target ethnic minorities, foreigners and immigrants. Does anyone want to challenge the accuracy of that depiction?
As for the rights of women and children, the report called attention to the deplorable rate of rapes and sexual abuse, with some 400,000 children forced into prostitution and sexual abuse. This ugly reality, while also true for China, cannot be brushed aside here.
Finally the Chinese report addressed the abuse of foreigners by U.S. authorities, noting the scandalous violations of the rights of prisoners of war, the history of invasions and unprovoked military assaults on other nations, and the estimated 100,000 civilian deaths in Iraq.
For my part, I was surprised the Chinese report didn’t go further, to mention the failure of the U.S. to abide by international law in allowing foreigners arrested on serious criminal charges in the U.S., including murder, to contact their embassies, the shameful inadequacy of funding for schools in poor communities, the dumping of toxic waste and the siting of pollution-causing power plants in low-income communities, and the theft of private property through improper use of imminent [sic]  domain and draconian drug laws, the unconscionably high percentage of minorities on American death rows, as well as other abuses.
China is one of the world’s prime human rights offenders, but that ugly reality should not prevent us from looking honestly into the mirror that it has held up to our own society and government.
If anything is a caricature, it is the article on the Chinese report, in which The Times appears as a caricature of real independent journalism.”