"There are two sorts of wealth-getting, as I have said; one is a part of household management, the other is retail trade: the former necessary and honorable, while that which consists in exchange is justly censured; for it is unnatural, and a mode by which men gain from one another. The most hated sort, and with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural object of it. For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of modes of getting wealth this is the most unnatural."
- Politics, Aristotle, 350 B.C.
"The Jew alone regards his race as superior to humanity, and looks forward not to its ultimate union with other races, but to its triumph over them all and to its final ascendancy under the leadership of a tribal Messiah."
- Goldwin Smith, The Jewish Question, October 1881
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.”
- President Woodrow Wilson 1916
“We are grateful to the Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subjected to the lights of publicity during those years. But, the world is now more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries.”
- David Rockefeller, Baden-Baden, Germany 1991
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
- Henry Ford
“The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson.”
- Franklin D. Roosevelt, letter to Col. House, November 21, l933
“One of the least understood strategies of the world revolution now moving rapidly toward its goal is the use of mind control as a major means of obtaining the consent of the people who will be subjects of the New World Order.”
- The National Educator, K.M. Heaton
"We Jews, we, the destroyers, will remain the destroyers for ever. Nothing that you will do will meet our needs and demands. We will for ever destroy because we need a world of our own, a God-world, which it is not in your nature to build."
- Maurice Samuels, You Gentiles, 1924
“We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order.”
- David Rockefeller
“Today, America would be outraged if U.N. troops entered Los Angeles to restore order. Tomorrow they will be grateful! This is especially true if they were told that there were an outside threat from beyond, whether real or promulgated, that threatened our very existence. It is then that all peoples of the world will plead to deliver them from this evil. The one thing every man fears is the unknown. When presented with this scenario, individual rights will be willingly relinquished for the guarantee of their well-being granted to them by the World Government.”
- Dr. Henry Kissinger, Bilderberger Conference, Evians, France, 1991
"Never argue with stupid people. They will drag you down to their level and then beat you with experience." –Mark Twain
If you want to begin to understand and appreciate the work of Mike Stathis, from his market forecasts and securities analysis to his political and economic analysis, you will first need to learn how to think clearly. For many, this will be a cleansing process that could take quite a long time to complete depending on each individual.
The best way to begin to clear your mind is to first move forward with this series of steps:
1. GET RID OF YOUR TV SET (at least cancel your cable)
2. REFUSE TO USE YOUR PHONE TO TEXT
3. DO NOT USE A "SMART PHONE" (or at least do not use your phone to access the internet)
4. STAY AWAY FROM SOCIAL MEDIA
The cleansing process will take time but you can hasten the process by being proactive in exercising your mind.
You should also be aware of a very common behavior exhibited by humans who have been exposed to the various aspects of modern society. This behavior occurs when an individual overestimates his abilities and knowledge, while underestimating his weaknesses and lack of understanding. This behavior has been coined the "Dunning-Kruger Effect" after to sociologists who described it in a research publication. See here.
Many people today think they are virtual experts on every topic they regard with relevance. The reason for this illusory behavior is because these individuals typically allow themselves to become brainwashed by various media outlets. The more information these individuals obtain on these topics from the media, the more qualified they feel they are in these subjects, without realizing that the media is not a valid source with which to use for understanding something. The media always has bias and can never be relied on to represent the full truth.
A perfect example of the Dunning-Kruger Effect can be seen with many individuals who listen to talk radio shows. These shows are politically biased and consist of individuals who resemble used car salesmen more than intellectuals. These talking heads brainwash their audience with cherry-picked facts, misstatements and lies regarding relevant issues such as healthcare, immigration, Social Security, Medicaid, economics, science, and so forth. They also select guests for interview based on the agendas they wish to fulfill with their advertisers.
Once their audience has been indoctrinated by these propagandists, they feel qualified to discuss these topics on the same level as a real authority, without realizing that they obtained their understanding from individuals who are employed as professional liars and manipulators by the media. Another good example of the Dunning-Kruger Effect can be seen upon examination of political pundits, stock market and economic analysts on TV. They talk a good game because they are professional speakers. But once you examine their track record, it is clear that these individuals are largely wrong, but they have developed an inflated sense of expertise and knowledge on topics for which they continuously demonstrate their incompetence.
One of the most insightful analogies created to explain how things are often not what you see was Plato's Allegory of the Cave, from Book 7 of the Republic.
We highly recommend that you study this masterpiece in great detail so that you are better able to use logic and reason.Although we recommend you read and study The Allegory of the Cave, you can get a flavor for its meaning by watching the following video.
If you can learn how to think like a philosopher, specifically one of the great ancient Greek philosophers, it is highly unlikely that you will ever be fooled by con artists like those who make ridiculous and unfounded claims in order to pump gold and silver, the typical get-rich-quick or multi-level marketing (MLM) crowd.
“Beware of false prophets, which come to you in sheep's clothing, but inwardly they are ravening wolves.”
King James Bible - Matthew 7:15
"It's easier to fool people than to convince them that they have been fooled." –Mark Twain
All Viewpoints Are Not Created Equal Just because something is published in print, online or aired in the broadcast media does not make it accurate. In fact, more often than not the larger the audience, the more likely the content is either inaccurate or slanted. The next time you read something about economics or investments, you should ask two main questions in order to assess the credibility of the source. Is the source biased in any way? That is, do they have any agendas which would provide any type of benefit accounting for their views? Most individuals either sell ads on their site or are dealers of precious metals or securities. That means their views are biased and cannot be relied upon.
Is your source is credible?
Most people associate credibility with name-recognition. But more often than not, name-recognition serves as a predictor of bias if not lack of credibility because the more a name is recognized, the more the individual has been plastered in the media. And every intelligent person knows that individuals who have been provided with media exposure because they are either naive or clueless. The media positions these types of individuals as “credible experts” in order to please its financial sponsors; Wall Street.
Instead of name-recognition or media celebrity status, you must determine whether your source has relevant experience on Wall Street as opposed to being self-taught. But this is just a basic hurdle that in itself by no means ensures the source is competent or credible. More important, always examine the track record of your source in depth, looking for accuracy and specific forecasts rather than open-ended statements. You must also look for timing since a broken clock is always right once a day. Finally, make sure they do not cherry-pick their best calls. Always examine their entire track record.
“Beware of false prophets, which come to you in sheep's clothing, but inwardly they are ravening wolves.”
King James Bible - Matthew 7:15
The above questions require only slight modification for use in determining the credibility of sources that discuss other topics, such as politics, healthcare, etc.We have compiled the most extensive publication exposing hundreds of con men pertaining to the financial publishing and securities industry, although we also cover numerous con men in the media and other front groups since they are all associated in some way with each other.
There is perhaps no one else in the world capable of shedding the full light on these con men other than Mike Stathis. Mike has been studying the indistry for well over a decade. Alhough he has published numerous articles and videos addressing this dark side of the industry, the entire collection can be found in our ENCYCLOPEDIA of Bozos, Hacks, Snake Oil Salesmen and Faux Heroes.
At AVA Investment Analytics, we don't try to pump gold, silver or equities like many others you see because we are not promoters or marketers. And we do not receive any compensation whatsoever (including from ads) from our content. We provide individual investors, financial advisers, analysts and fund managers with world-class research, education and unique insight.
If you listen to the media, most likely it is costing you hundreds of thousands of dollars in lost money at minimum over the course of your lifetime. The deceit, lies and useless guidance from the financial media certainly is a large contributor of these losses to the sheep you pay attention.
But a good deal of lost wealth comes in the form of excessive consumerism which the media seeks to impose on its audience. You aren’t going to know that you’re being brainwashed or that you have lost $1 million or $2 million over your life time due to the media, but I can guarantee you that with rare exception this is the reality for those who are naïve enough to waste time on the media.
It gets worse. By listening to the media, you are likely to also suffer ill health effects through the lack of timely coverage of toxic prescription drugs or through the ridiculous medical shows, all of which are supportive of the medical-industrial complex.
And if you seek out the so-called "alternative media" you might make the mistake of relying on con men like Kevin Trudeau or Alex Jones. This could be a deadly decision. As bad as traditional media is, the so-called "alternative media" is even worse.
Why Does the Media Air Liars and Con Men?
The goal of the media is NOT to serve its audience because the audience does NOT pay the bills.
The goal of the media is to please its sponsors, or the companies that spend huge dollars buying ads, and in order for companies to justify these expenses, they need the media to represent their cause. The media does this by airing idiots and con men who mislead and confuse their audience.
By engaging in "journalistic fraud," the media steers its audience into the arms of its advertisers because the audience is now misled and confused, so in the case of the financial media, it seeks the assistance of Wall Street brokerage firms, mutual funds, insurance companies, precious metals dealers. This is why advertisers pay big money to be promoted in the financial media.
We see the same thing on a more obvious note in the so-called "alternative media," which is really a remanufactured version of the so-called "mainstream media." Do not be fooled. There is no such thing as the "alternative media."
In order to be considered "media" you must have content that has widespread channels of distribution. Thus, all "media" is widely distributed and the same powers that control the distribution of the so-called "mainstream media" also control the distribution of the so-called "alternative media."
The claim that there is an "alternative media" is merely a sales pitch designed to capture the audience that has since given up on the "mainstream media." The tactic is a very common one used by con men.
The same tactic is used by Washington to convince naive voters that there are meaningful differences between the nation's two political parties. In reality, both parties are essentially the same when it comes to issues that matter most (trade policy, healthcare and war). Anyone who tells you anything different simply isn't thinking straight.
On this site, we expose the lies and the liars in the media. We discuss and reveal the motives and track record of the media’s hand-selected charlatans with a focus on the financial media.
No one has generated a more accurate track record in the investment markets over the past several years than Mike Stathis. Yet, the financial media wants nothing to do with Stathis.
You aren't even going to hear him on the radio being interviewed.
You aren't going to see him mentioned on any websites either.
You won't read or hear of his remarkable track record unless you read about it on this website or read his books.
You should be wondering why this might be. Some of you already know the answer.
The media has banned Mike Stathis because the trick is to air clowns so that the audience will be steered into the hands of the media's financial sponsors - Wall Street and gold dealers.
And as for the radio shows and websites that either don't know about Stathis or don't care to hear what he has to say, the fact is that they are so stupid that they assume those who are plastered in the media are credible. And since they haven't seen or heard Stathis in the media, even if they come across him, they automatically assume he's a nobody in the investment world simply because he has no media exposure.
Well, if media exposure was a testament to knowledge, credibility and excellent track records, Peter Schiff's clients would be a lot happier when they looked at their account balance.
Others only care about pitching what’s deemed as the “hot” topic because this sells ads in terms of more site visits or reads. This is why you come across so many websites based on doom and conspiratorial horse shit run by con artists looking to cash in on ads.
We have donated countless hours and huge sums of money towards the pursuit of exposing the con men, lies and fraud. We continue this mission but we cannot continue it forever without your assistance.
We have been banned by virtually every media platform in the U.S and every website (mainly because we expose the truth about gold and silver).
We have been banned from use of email marketing providers.
The fact is that the Jewish Mafia has declared war on us because we have exposed the realities of the U.S. government, Wall Street and corporate America.
Note that we only began discussing the role of Jews in criminality by 2009, three years AFTER we had been black-listed by the media, so no one can say that our criticism of the Jewish Mafia has led to being black-listed, not that it would even be acceptable.
You can talk about the Italian Mafia, and Jewish Hollywood can make 100s of movies about it...
BUT YOU CANNOT TALK ABOUT THE JEWISH MAFIA.
We rely on you to help spread the word about us. Just remember this. We don’t have to do what we are doing.
We could do as everyone else and focus on making money. We are doing sacrificing everything because in this day and age, unfortunately, the truth is revolutionary. It is also critical in order to prevent the complete enslavement of world citizenry.
On Exposure: No one who has significant exposure can be trusted because those who are responsible for permitting such exposure have allowed it for a very good reason, and that reason does not serve your best interests.
On Spotting Frauds: Whenever you wish to know whether someone can be trusted, always remember this golden rule..."a man is judged by the company he keeps."
This is a very important rule to remember because con men almost always belong to the same network.
You will see the same con artists referencing each other, on blog rolls and so forth.
A couple of weeks ago, I wrote a piece discussing allegations of insider trading and illegal naked short selling of Washington Mutual, involving the banking cartel and potentially their hedge fund clients.
In that piece, I provided a link to the SEC complaint I submitted on October 7, 2008.
You might have noticed the complaint was marked as a “draft.” Some people have asked me of the complaint was ever submitted since it is marked as a draft.
Yes, it was submitted.
If you want to verify this, all you need to do is contact the San Francisco SEC office; the office heading up all investigations on Washington Mutual.
The reason why it was marked as a draft was because there is much more I did not include in the complaint.
You see, rather than spend even more of my time writing a complete report, I wanted to see whether the SEC would move forward on it. As you can imagine, I was confident they would not go forward with a real investigative inquiry because it would bring down some very large banks and individuals – all tied very close to Washington.
While I was contacted by SEC attorneys, I have no reason to believe that an adequate investigation was ever made.
It looks like I was correct in my assumption because at the very least, after one year, the agency could have easily identified the massive insider trading if it wanted to.
You have to keep in mind that the SEC is a government agency. That means it is directly connected to Washington, AND hence financial industry lobbyists.
So here, I want to discuss some additional material not contained in the complaint.
But first, I’d like to share with you some previously published material that is related to WaMu and the banking cartel. I feel this will help you gain a better understanding of how things work.
I have mentioned the WaMu heist briefly many times since submitting my complaint to the SEC on October 7, 2008.
I first discussed the failures of this agency in 2006 in America’s Financial Apocalypse.
Among other criticisms, I discussed how securities laws permit legalized insider trading for executives and companies.
Another time was just this past spring in an article titled the Price of Honesty.
Now I want to show you some excerpts of an article first published on November 23rd, 2008, titled Obama’s Change, as I discuss the banking cartel and the FDIC.
People need to understand that the Federal Reserve is a private mafia owned and operated by a banking cartel. You should be familiar with the members of this cartel by now. If you don’t know who they are, just have a look at the SEC’s initial short sale ban list on July 21, 2008. I also advise you to read some of my previous articles which detail the activities of this syndicate.
The kingpins of this cartel are JP Morgan Chase, Bank of America and Citigroup. These are the guys who’ve been given trillions of dollars of YOUR tax dollars to buy up banks left out of this elite club. But don’t think for a minute this cartel is exclusive to the United States. It’s a global syndicate with members extending to the UK and Europe. Together under the auspices of the U.S. Treasury, World Bank and IMF, the banking cartel does as it pleases using taxpayer funds for its benefit.
Have you ever wondered why Bear Stearns, Lehman Brothers, Washington Mutual, IndyMac and other banks were allowed to fail while the others were bailed out? The reason is quite simple. They were not part of the banking cartel.
AIG is an exception. While not part of this mafia syndicate, the fact is that Goldman Sachs is. And if AIG was allowed to fail, Goldman stood to lose billions. This is precisely why former Goldman CEO Paulson bailed them out.
It’s also the reason for the resistance by the FDIC for the Wells Fargo-Wachovia buyout. As you will recall, Citigroup made a ridiculously low $2.1 billion bid for Wachovia’s $900 billion in assets and over $1.3 trillion in worldwide deposits. This heist would have provided a tremendous boost to Citi’s cash flow situation, essentially buying them more time.
Just a few days later, Wells Fargo made a $15.1 all-stock bid, salvaging Wachovia shareholders and shielding taxpayers. Immediately, Shelia Bair, the Chairman of the FDIC sought to block Wells Fargo’s bid.
Why would Bair favor wiping Wachovia shareholders out with a paltry bid from Citigroup, especially when it would be using taxpayer funds?
You need to understand that the FDIC is a partner of the banking cartel just as the SEC is. And this agency, under Bair’s leadership has pulled off what I believe to be many illegal activities, including but not limited to an undisclosed role in the seizure of WaMu.
Make no mistake. The FDIC is just as guilty as the Fed and Paulson in squandering taxpayer funds. And Shelia Bair has escaped any scrutiny. Instead, the clueless media journalists swallow the bull fed to them by insiders who praise her fascist policies. Again, I’ll get back to this at another time.
If the FDIC’s fight for Citi wasn’t enough to make you realize they were in deep trouble, you should’ve been tipped off by their aggressive online ad campaign offering 3.55% and 4.00% for online savings and CDs respectively.
Remember this, when you start seeing very high rates for savings accounts and CDs you know the bank is about to fold. I also highlighted this fact in previous articles.
Even now as Citigroup struggles to stay afloat, the U.S. Treasury worked overtime with the Fed to arrange another blank check, compliments of taxpayers. The full details of the plan have not yet been released but the preliminary proposal calls for a $20 billion capital infusion from the TARP in exchange for $27 billion in preferred stock, while guaranteeing $306 of problem assets. This follows an earlier $20 billion Citi received from TARP.
Citigroup will be responsible for the first $29 billion in losses while the Treasury (taxpayers) will be responsible for 90% of the next $5 billion in losses, with Citi on the hook for the rest. The FDIC will absorb 90% of the next $10 billion while Citi takes the rest and for losses beyond that. The Fed will take 90% of the losses while Citi is expected to assume the remaining 10%, although this isn’t likely to be possible.
This further creates incentive for the FDIC to seize more banks claiming they are insolvent without proving insolvency to taxpayers. And if you really think it was the OTS that seized WaMu, you have no idea what’s going on. It was the FDIC that made the call.
Now, let’s come back to the latest news; record bonuses for Goldman Sachs employees.
You should note that the recent record bonuses paid out to Goldman employees came from YOUR TAX DOLLARS.
Let me explain.
Remember, Paulson bailed out AIG to the tune of more than $180 billion because Goldman stood to lose billions of dollars in credit default swaps.
Once AIG was handed your tax dollars, AIG paid Goldman to close out these swap contracts. And as you can imagine, this taxpayer-funded income from AIG contributed to Goldman’s earnings, which ultimately went towards bonuses for Goldman employees.
This is the story you won’t hear about on the financial televised networks or read about in the financial press.
The financial bloggers aren’t likely to pick up on it either because they are followers of the financial media.
More on WaMu Trading Activity
I also wanted to mention what I noticed as extremely bizarre WaMu stock price movements.
From about March to June 2008, as WaMu average trading volume soared to over 200 million shares traded daily (to the best of my memory), I found WaMu stock price movements for most days over that period difficult to explain.
Let me be clear on this.
I closely followed WaMu every day during that period.
I also followed the other banking stocks.
All of the other bank stock price movements during that period were explainable based on market strength, material public disclosures and financial industry investor sentiment.
But the stock price movements of WaMu were quite bizarre in my opinion.
I was so actively involved that I placed approximately 200 day trades in WaMu from my personal account during a 3-month period.
That may not be a lot of trades for some of you, but it was for me since I’m not a day trader.
Day trading WaMu on many occasions was easy for even me; someone who focuses more on short-term and intermediate trades.
To be a successful day trader, you need to focus less on rational and fundamentals and more on instincts and technical analysis. Of all things that are of benefit to day traders, trading volume can be one of the most revealing.
Day trading is much different than longer-term trading. It’s more of a crap shoot because many of the most valuable resources (such as valuations, market strength, etc.) are not that important since the trades are very short-term.
Yet, day trading WaMu in the Spring of 2008 was quite easy because many of the stock price movements (once they were in play) were easy to profit from because they occurred on huge volumes with a great deal of block trading.
All one had to do was wait for the price move on heavy block trades and jump aboard for the ride.
And of course, make sure to get out before the end of the day.
I recall noting that for approximately 80% to 90% of the trading days over that time frame, WaMu stock price movements made absolutely no sense given the disclosed material for the bank as well as the general movement from the other banks (note that I previously stated that day trading was easy because the price movements could often be anticipated. Do not take that to mean that the price direction made sense).
Finally, note that there were several days (maybe 20-30) when WaMu had intraday swings of 15-20%, once again on heavy trading volume.
It was one of the most bizarre periods of trading activity over a several month period I have ever seen.
If you are able to go back and study all of the data for each day during that period (and that would consume an enormous amount of time) you would understand what I mean. Some of you might have been trading WaMu during that period and know precisely what I’m talking about.
So what do these observations mean?
I have no idea.
What I do know is that something very strange was going on with WaMu stock; not for one day or one week; not even for one month, but for several months.
And this bizarre price activity was occurring on huge trading volumes.
The question I have is this; how could so many shares behave so unpredictably and contrary to reason based on my own assessment of all publicly released data, and for such a long time frame?
Remember, I’m the guy who wrote in a book (2006) to short Fannie, Freddie, Accredited Lenders, Fremont General, Novistar, the banks and homebuilders.
Even after TPG funded WaMu with over $7 billion in the Spring of 2008, the stock continued to trade in a very unpredictable manner.
This too was very strange.
In fact, as I previously mentioned, WaMu stock collapsed down to a price (~$9.25 from my best memory) shortly after TPG purchased WaMu shares for ($8.75).
Now we know that during that time frame, JPM made an offer of around $8/share for WaMu. Was this information spread illegally and acted upon by funds or banks?
I’d say the SEC needs to add this investigation to the list I have made.
You might recall that one of my claims in the SEC complaint was that WaMu was not insolvent.
Since the seizure, court documents now reveal that JPM has claimed WaMu was NOT insolvent.
If WaMu was not insolvent, why was insolvency listed as the official reason for the seizure by both the OTS and FDIC?
When I made calls to the OTS and FDIC requesting proof of insolvency, officials kept using various methods of distraction and sidelining the issue. After I educated them on what was going on with the banking scams, they appeared to get nervous.
Let me be clear. The FDIC, under Shelia Bair robbed WaMu shareholders.
WaMu shareholders must demand answers.
Where is the proof that JPM was the only bidder for WaMu?
Why was JPM permitted to steal WaMu assets and deposits totaling over one-half trillion dollars for a paltry $1.9 billion? The WaMu brand name combined with its 5000 fully-owned ATMs and 2200 branches alone was worth at least this much.
Why was JPM permitted to take over $20 billion in cash from WaMu Federal Savings Bank and $4 billion from WaMu’s bank holding company?
Since the seizure, we also know that JPM had access to WaMu’s books when the bank was conducting due diligence. We must ask whether JPM leaked any rumors or inside information to other parties, which might have caused further naked shorting activities.
The SEC could easily find out this information if it wanted to. The sad thing is that we will never know whether they checked.
You should assume they did not and will not investigate any of the issues I have raised, UNLESS people start raising Hell with Washington.
In other words, YOU NEED TO SEND YOUR CONGRESSMEN AND SENATORS THESE ARTICLES AND DEMAND A FULL INVESTIGATION BE CONDUCTED BY OUTSIDE PARTIES.
Finally, we know that WaMu was not included on the initial short ban list in July 2008.
But we now know that former CEO Kerry Killinger sent a letter to the SEC specifically requesting to be included in this list.
As I have previously stated, excluding Fannie and Freddie, there was absolutely no reason why the remaining 17 financial institutions would be added to this list based upon short interest data and financial information as of that period.
The short interest ratio for the remaining financial firms was very low, and investors still had no idea of the extent of the problems with the banks’ toxic assets.
In contrast, rumors were being spread about WaMu, Wachovia and E-Trade. As well, the financial instability of these three banks was the most vulnerable of all other financial firms.
As a result, the short interest ratio for each of these three firms ranged between 15-25% (WaMu short interest was 25%) during the time which this first short ban list was created.
Once again, the SEC needs to investigate the source of rumors regarding WaMu.
I’m willing to bet at least some of the rumors originated from someone inside JPM.
Perhaps the most sickening thing out this entire charade was that, all throughout, America’s mass-media propaganda machine hailed JP Morgan as a hero, rushing in to save America as it had done a few months earlier when it was handed Bear Stearns for pennies on the dollar, and with 0 risk involved.
In reality, the two largest banking heists in world history are certain to add tens of billions of dollars in net worth to JP Morgan, and potentially a similar amount of net income.
After writing down $118 billion in impaired WaMu assets by 25%, JPM is already making money. Just a few months later, those impaired assets have resulted in a net income of some $1.5 billion for the quarter (2009).
Estimates now show that those write downs could flip-flop into $29 billion of net income over the life of WaMu’s debt maturity.
And of course, the media has propped Jamie Dimon as some kind of hero.
The media has also praised Shelia Bair as another superstar.
Similar to how the media praised Alan Greenspan for so many years, my guess is that down the road, the media will once again be eating its words when the truth comes out about JPM, Jamie Dimon, the FDIC, and the biggest banking heist in world history.
It would appear that Dimon has no intention of sticking around when the full truth surfaces. Just as class-action lawsuits are starting to pile up from WaMu shareholders, Dimon has recently announced a coming resignation.
Is his announcement a coincidence? Decide for yourself.
Perhaps you recall in late 2007 when Bank of America CEO Ken Lewis made a bid for Countrywide Financial.
Do you remember how the financial media was painting him out to be some great banking genius?
A year later when Lewis announced the Merrill Lynch deal, the media continued with its praise.
You might recall I wrote an article immediately after the announcement, exposing the real deal.
Only in 2009 have I been proven correct.
Like always, America’s useless media is now eating its words.
Meanwhile, the media continues its ban on me because they don’t want the truth to come out. They are protecting the interests of their financial sponsors; the financial industry.
That is precisely why they have selected the hams you read about and see on TV. I don’t think I need to mention any names.
I have no reason to believe I will not be proven correct about WaMu, the FDIC, and JPM.
I don’t need to wait for the facts to surface because I already know the reality. And I’m willing to bet any amount of money that I’m right.
Perhaps Dimon wants to exit while the glamour is still there. After all, it’s much better to exit as a star than a disgrace.
The media needs to stop avoiding the WaMu heist and get on top of things for once, instead of promoting the same dog-and-pony show.
FDIC is Immune from Legal Action
Last year, I spoke with an attorney representing WaMu shareholders. I told him about my SEC complaint.
I also insisted I could make a great case showing JPM and the FDIC were involved in numerous counts of fraud. The attorney told me the following:
“I was an attorney with the FDIC for twenty years, including during the S&L Crisis. I remember quite a few banks that were inappropriately seized during the S&L Crisis. Your claims seem very credible and you appear to have some really unique insight into this situation, but I have to tell you that no one can touch the FDIC because they are in with the government” (paraphrased).
He mentioned an interest in pursuing JPM down the road AFTER his pending case.
As far as the statements about the FDIC, maybe he was telling me this because he represents the FDIC as an outside legal firm, and therefore cannot take a case against them. I believe he was telling me what he believes to be true.
We will soon see, as the FDIC has been named in at least one class-action lawsuit in connection with WaMu.
And of course, JPM has also been named in a few lawsuits as well. But take my word on this, the current lawsuits are trivial compared to the real fraud.
The FBI is Lying
One more caveat. If you really think the FBI is conducting relevant investigations pertaining to this multi-trillion real estate-banking Ponzi scheme, you are mistaken.
Let me explain.
You see, when the announcement was made last year that the FBI was devoting a large portion of its manpower towards investigating banking fraud, I actually submitted an application to the agency in order to confirm what I suspected; it was just a PR campaign to try and assure the public they would go after the criminals.
The ONLY think the FBI is targeting is small-time cases of mortgage fraud as a way to make the public feel they are on your side. They have no intention of going after the real criminals behind the biggest Ponzi scheme in world history.
If they had any intention of going after the real villains, it would lead to criminal indictments for hundreds of executives from Wall Street, the major banks, credit rating agencies and even U.S. government officials.
After not hearing anything from anyone at the FBI for several months, I then made several calls to FBI headquarters notifying them of who I was and my intentions to help with their investigations.
You might recall the FBI was going around the country to recruit agents at job fairs. This too was a publicity stunt. Yes, they were looking for new recruits; inexperienced kids.
The last thing the FBI wants are experts on their investigative team because they have no intention of going after the real criminals.
Despite applying more than ten times, I have received no returned calls, emails or any other correspondence from the FBI regarding my application.
It was a bluff. And I won. Unfortunately, it also means that taxpayers and WaMu shareholders lose.
I continue here with the SEC.
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