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In brief, they process the vast majority of all stock transactions in the United States as well as for many other countries. And - and that's the real interesting part - 99% of all stocks in the U.S. appear to be legally owned by them.
money laundering 101
Originally posted by antisoshal
Lets see:
On most days an interday 800pt drop is called a catastrophe even when the close is only -370.
Please note that Microsoft seperated from both the Dow and Nadaq for percent loss almost immediately then traceked relative to Nadaq but failed to recover at the same rate when Nasdaq did. Overall sale Puts and Calls for MSFT closed, I believe, about 5% lower than the Nasdaq Index in relative losses.
Iceland essentially failed as an economy today, which is being ignored by mainstream news in general. In addition to the halt on trading at their national market, its native banks were effectively nationalized by a sweeping mandated restructuring to re-patriate foreign funds. In the meantime a 2.5bil loan from Nordic banks is expected to be used to continue commercial credit lines required to import food which is now being hroded by residents because stores can no longer afford to buy food to import.
After the close, BOA announced an unexpected 68% drop in profit and cut its dividend causing after market trades to again plummet, in particular BOA stock falls heavily.
Rumor floated in mid afternoon of a late day 1% rate cut by the fed is said to have driven late day pullback, which becan to fail shortly before close on realization that no rate cut would be announced that day.
Todays losses are expected to cause overnight failures of more European institutions, and EU economic solidarity has been called into question by individual nations reacting by rescuing failed institutions instead of obeying EU line that market must be manipulated as a whole. The breakup of this solidarity is now being compared to the reaction of European financial bodies during both the 1907 and 1933 global downturns.
National City Corp dropped 27% after failing to convince investors it was situated to survive, and is expected to be rescued/bought/closed within 2 days.
JP Morgan has been accused of illegally freezing all Lehman Brothers assets 2 days before its failure in an effort to cause the failure and open itself to the benevelont buyout by same entity.
Chicken producer Pilgrims Pride lost 27% amid fears that it would not be able to replace its lost commercial operating credit lines and will be unable to continue distribution operations.
Citi , Wells Fargo and Wachovia, after being consulted by FED, have agreed to a halt to all litigation for an unspecified term. Inside sources say All three were threatened with FED scrutiny and action as FED worried about weight law suits would place on banking industry.
FED approves ANOTHER 900 Billion in cash loans to banks to free lending, and begins paying interest on all bank reserves helt by the FED.
Brazillian market drops 15% amid mass hysteria that frozen commercial credit will dismantle growth in Brazil. Currently almost all groth buisiness in Brazil is credit driven.
Electricity suppler Reliant, with 2 mil Texas customers, announces it is seeking a buyer after being unable to secure credit lines required to guarantee continued operation.
Ford credit rating downgraded from B- to CCC, or JUNK due to continuing problems supplying potential buyers with credit to prop up sagging sales.
Russian market trading was again halted after a 15% drop at the opening bell. No word on if markets will be open tomorrow as of yet.
Yup...just another day. And here I was hoping for something exciting.
Oh yeah, and a newly discovered Meteorite, between 1 and 5 meters across, has a 99.8% chance of impacting the earth over africa tonight. And I will miss the show.
By the way, all the edits I do are because im not bothering to spell check in advance
[edit on 6-10-2008 by antisoshal]
Originally posted by Anonymous ATS
www.youtube.com...
Just a really scary interview with Naomi Wolf...how this ties in to Reinhardt? Don't know if it does...but it could be another part of the picture.
p.s. Noam Chomsky and Reinhardt seem to have a lot of similar thoughts.
Economic advisor to the BCC, David Kern, said: "Overall, the alarming third quarter results point to worsening dangers of major economic downturn and rising unemployment.
Originally posted by system_slave
Prediction:
Naomi is going to have issues with reinhardt.
Last night's talks were centred on the potential injection of £50 billion of taxpayers' money into the banks in the shape of new capital. Also present at the meeting were Bank of England Governor Mervyn King and the new chairman of the Financial Services Authority Adair Turner.
Sources close to the banks said they had not asked for a handout from taxpayers. "It was not any sort of discussion about who needed what and how much. They let the Chancellor know that what they feel is the most important thing is that the Government is seen to act. That's the only real way to restore confidence completely."
Originally posted by justyc
Originally posted by system_slave
Prediction:
Naomi is going to have issues with reinhardt.
well that's a no-brainer - she's a feminist and wont take kindly to him suggesting she should take her top off.
however, should she find out about what he said, i hope she will ignore it in favour of the message she was trying to get out.