If former New York Fed Chairman and Goldman Sach's alumni Stephen Friedman knew about secret loans to Goldman in 2008 and 2009, how did he not buy GS with unknown information?

The Fed’s Secret Liquidity Lifelines to Goldman Sachs Group

Rand Paul Will Block Yellen’s Nomination Unless the Senate Votes on Auditing the Federal Reserve

"Sen. Rand Paul (R-Ky.) told Senate Majority Leader Harry Reid (D-Nev.) Tuesday that he will move to block Dr. Janet Yellen’s nomination as the next Federal Reserve Chair unless the Senate votes on his legislation which allows the Fed to be audited

...The bill in question, the “Federal Reserve Transparency Act,” would allow the Government Accountability Office to audit the Federal Reserve.

“The American people have a right to know what this institution is doing with the nation’s money supply. The Federal Reserve does not need prolonged secrecy—it needs to be audited, and my bipartisan Federal Reserve Transparency Act will do just that,” Sen. Paul said in a statement Tuesday."

http://www.theblaze.com/stories/2013/10/29/rand-paul-says-he-will-block-yellins-nomination-as-fed-chair-unless-the-senate-votes-on-this/

Information recieved by US Congressman Brad Miller on George Hartzman's Wells Fargo Whistleblower case

George Hartzman

From: Hartzman, George
Sent: Thursday, January 05, 2012 10:55 AM
To: Tolson, Ken
Cc: Mixdorf, Brian M.; Spivey, William; Eason, Janet
Subject: RE: Ethics Line Issue

As a Fiduciary, how should I respond?

"we do not share the results or how it will be addressed. "

"What Does It Mean to Be a Fiduciary?

Fiduciary duty represents the highest degree of trust and confidence
that the investment advisor will act in your best interest.

Please explain how I am acting in my clients best interests

if I accept your answer and do nothing more?

What are the chances that two blog posts concerning Warren Buffett, Wells Fargo, Bank of America, the Federal Reserve and Insider Trading be completly ignored by all for profit press since 8:37pm, June 23, 2012?

Updated with some Warren Buffett:
"The Fed’s Secret Liquidity Lifelines":
Wachovia Corporation and Wells Fargo & Company

Did Warren Buffet know about Bank of America's Secret Liquidity Lifelines
when Berkshire Hathaway Invested $5 Billion in BAC?

Wells Fargo has hired Henry "Hank" Sanchez, Jr. Esq., with Oyster Consulting, to independently investigate George Hartzman's Whistleblower filing

"Mr. Sanchez has been in the securities industry for over 25 years.

Did Warren Buffet know about Bank of America's Secret Liquidity Lifelines when Berkshire Hathaway Invested $5 Billion in BAC?

If Peoples Bank of North Carolina's CEO Tony Wolfe decided to sign off on SEC reports stating Federal Reserve Borrowings, did BB&T?

It appears that the N.C. Office of the Commissioner of Banks (NCCOB)

oversees the following banks

who used Federal Reserve [apparently not all] Secret Liquidity Lifelines

The Bank had $5.0 million in borrowings
from the Federal Reserve Bank (“FRB”) at December 31, 2008.

This borrowing was a 28-day Term Auction Facility loan
at an interest rate of 0.28% which matured in January 2009.

If J. P. Morgan's Jamie Dimon purchased stock on 10/21/2008, how were the shares not purchased with Insider Information?

DIMON JAMES

J P MORGAN CHASE & CO [ JPM ]

http://www.sec.gov/Archives/edgar/data/19617/000122520808016595/xslF345X03/doc4.xml
.
.
.
The Fed’s Secret Liquidity Lifelines

J P MORGAN CHASE & CO [ JPM ]

Regulatory Capture

The Federal Reserve

On David Massey, Securities Director for the state of North Carolina

"The president of the North American Securities Administrators Association
...which is comprised of securities regulators from all 50 states...
David Massey, the deputy securities administrator for the state of North Carolina,
began a one-year term as president
of the North American Securities Administrators Association (NASAA) in September.

What are your priorities for NASAA in 2011?

Number one on our priority list is that financial professionals
who provide investment advice be subject to fiduciary duty.

I believe money is fungible

Fungible means interchangeable.

The word comes into play
when (inter alia) earmarked funds end up in a general account.

These funds are then free to be used for purposes other than intended.

Example: You would like to go on a vacation but you have unpaid car repair bills.

A wealthy uncle hears that you are having financial trouble and sends money to help.

However, he would never have agree to pay for your vacation
–- he’s nice, but not that nice.

Once your uncle’s money is deposited into your checking account,
you are free to spend it as you please.

You then get to pay off your bills and go on vacation.

In essence, you paid your bills (a necessity) while your uncle funded your vacation.

http://blog.mises.org/archives/007321.asp#

Fungibility

Fungibility is the property of a good or a commodity

whose individual units are capable of mutual substitution.

Examples of highly fungible commodities [like oil] 

are ...currencies.

It refers only to the ease of exchanging one unit of a commodity

with another unit of the same commodity.

Wikipedia

http://en.wikipedia.org/wiki/Fungibility

Word for the day: Fungible

Mark Pittman (October 25, 1957 - November 25, 2009) was a financial journalist covering corporate finance and derivative markets.

Violation of the CFA Code of Ethics & Standards of Professional Conduct?

Can truth be a casualty of social instability?

Those who do not accept the fundamental principles of state propaganda

are simply excluded from the debate

(or if noticed, dismissed as "emotional," "irresponsible," etc…)

Noam Chomsky

If a few multinational corporations
own an overwhelming majority of newspapers, magazines, news channels
radio stations, book publishers and business information sources,
what are the chances of an investigative journalist
publishing a negative story on a sister subsidiary
or on a subsidiary of another company that could retaliate in kind,
or on a whistleblower against the top brass
of the fourth largest bank in the country?

Is it worse that America’s political leadership didn’t see the financial crisis coming,
or that most economists and business leaders didn’t know
or did and failed to inform the public,
or that some legislators sharing relatively high portions of blame,
pledged to find and punish those responsible and did relatively nothing
as the regulatory infrastructure of the country became compromised?

It is difficult to get a man to understand something

when his salary depends on his not understanding it

Upton Sinclair

Is an untruth disseminated as true a lie

if the truth remains unfound through in-curiosity?

MF Global: Accounting and Auditing Ethics

"Six months ago the accounting firm...said MF... and its units “maintained, in all material respects,
effective internal control over financial reporting as of March 31, 2011.”

MF...filed for bankruptcy on Oct. 31.

This week the trustee ...said as much as $1.2 billion of customer money is missing, maybe more.

Those deposits should have been kept segregated from the company’s funds.

By all indications, they weren’t.

What’s the point of having auditors do reports like this?

And are they worth the cost?

...When an auditor certifies that a client’s internal controls are effective,
that’s supposed to mean the company can do basic functions like maintain accurate financial records,
detect unauthorized transactions and keep track of its receipts and expenditures.

...“Their books are a disaster,” Scott O’Malia, a commissioner at the Commodity Futures Trading Commission,
told ...an interview two weeks ago.

...to believe...got it right when it blessed MF’s controls in May,
you would have to accept the notion that MF’s controls were effective in March
-- and didn’t start going bad until sometime later.

...this scenario seems implausible.

...whenever a financial institution fails, it’s almost always true that its internal controls were poor
-- and had been that way for a long time.

Otherwise it wouldn’t have failed.

...other companies that use...’s New York office as their auditor include...and...

Both ...presumably are too big to fail,
meaning taxpayers would be on the hook if they ever blew up.

A Pricewaterhouse spokesman, Caroline Nolan, declined to comment on the firm’s work for MF.

If...can’t spot control weaknesses at a relatively small shop like MF
...it’s a bit much to expect that the firm would catch anything materially amiss at...
which has $949 billion of assets, or at ...with $2.3 trillion...

The reason MF had to get an outside audit report on its internal controls
was that the Sarbanes-Oxley Act required it.

That law was enacted in 2002 in response to a wave of audit failures
at big companies such as WorldCom Inc. and Enron Corp.

...For a while, it looked like the new rules were working.

Then a backlash hit.

Corporate executives, lawmakers and even Securities and Exchange Commission officials
complained that the auditors were being too strict.

The number of restatements plunged.

...Many companies’ audit fees plunged, suggesting that the auditors there were doing less work.

For fiscal 2007, MF Global paid...$17.1 million in audit fees.

By fiscal 2011, that had fallen to $10.9 million, ven is warning signs about MF’s internal controls
were surfacing publicly.

On top of that...’s main regulator, the Public Company Accounting Oversight Board,
released a nasty report this week on the firm’s audit performance.

The agency cited deficiencies in 28 audits, out of 75 that it inspected last year.

The tally included 13 clients where the board said the firm had botched its internal-control audits.

...The point of having a report by an independent auditor
is to assure the public that what a company says is true.

Yet if the reports aren’t reliable, they’re worse than worthless,
because they sucker the public with false promises."

Jonathan