Financial Crisis

[MJP]

Did you really think that the bailout money was going to be spend in the homeland?

Shocking.

I think a lot of very fair minded decent Americans are going to be sorely disappointed by Obama.

[MJP]

http://zerohedge.blogspot.com/2009/05/dail...-patterson.html

Daily Telegraph Removes Mark Patterson Interview

Posted by Tyler Durden at 12:10 PM

It appears that the Daily Telegraph has gotten major cold feet about the incendiary interview (incendiary, at least, to the administration) it had posted last night with Mark Patterson. One can only speculate why that may be the case, but if you try to connect to the article that had received the biggest number of hits yesterday, you just get a big gaping 404 hole now.

Luckily, ZH expected some potential foul play, which is why we copied the entire piece in its entirety and still have it available for readers who would rather be exposed to the truth instead of watching CNBC and other increasingly more censored media outlets.

Mark Patterson: "It's A Sham. The Banks Are Insolvent"

Posted by Tyler Durden at 8:40 PM

Update 2: Please see the most recent post in this thread, in which I disclose that representatives of Mr. Patterson dispute the original Ambrose Evans-Pritchard article was "fabricated" and have succeeded in getting the Daily Telegraph to remove it.

Update: Daily Telegraph story now "mysteriously" taken down.

The chairman of $7 billion distressed Private Equity firm and TARP beneficiary MatlinPatterson calls a spade a spade and in the process exposes the entire Geithner plan for the complete sham that it is. His comments before the Qatar Global Investment Forum were captured by the Daily Telegraph's Evans-Pritchard earlier, and Zero Hedge republishes the piece in its entirety as it presents every nuance of our predicament with masterful simplicity.

***

US 'sham' bank bail-outs enrich speculators, says buy-out chief Mark Patterson

The US Treasury’s effort to stabilise the banking system through the TARP programme is a hopelessly ill-conceived policy that enriches speculators at public expense, according to the buy-out firm supposed to be pioneering the joint public-private bank rescues.

“The taxpayers ought to know that we are in effect receiving a subsidy. They put in 40pc of the money but get little of the equity upside,” said Mark Patterson, chairman of MatlinPatterson Advisers.

The comments are likely to infuriate Tim Geithner, the US Treasury Secretary, because MatlinPatterson took advantage of the TARP’s matching funds to buy Flagstar Bancorp in Michigan. His confession appears to validate concerns that the bail-out strategy is geared towards Wall Street.

Under the convoluted deal agreed earlier this year, MatlinPatterson has come to own 80pc of the shares while the US government has ended up with under 10pc.

Mr Patterson said the US Treasury is out of its depth and seems to be trying to put off drastic action by pretending that the banking system is still viable.

“It’s a sham. The banks are insolvent. The US government is trying to sedate the public because they are down to the last $100bn (£66bn) of the $700bn TARP funds. They think they’re doing this for the greater good of society,” he said, speaking at the Qatar Global Investment Forum.

Mr Patterson said it would be better for the US to bite the bullet as Britain has done, accepting that crippled lenders must be nationalised. “At least the British are not hiding the bail-out,” he said.

MatlinPatterson said private equity and hedge funds were deluding themselvesin hoping to go back to business as usual after the trauma of the last 18 months.

“This is not a normal recession and there will be no V-shaped recovery. The crisis has destroyed leveraged companies. We’re going to see a catastrophic increase in the number of LBO’s (leveraged buyouts) going into default because they’re knee-deep in debt and no solution exists since they can’t refinance,” he said.

“Alfa hedge funds have been making their money by gambling with excessive leverage, so the knife that cuts off leverage is going to cut off their heads as well,” he said.

Like many bears, Mr Patterson expects the great crunch to end in deliberate inflation, deemed a lesser evil than outright depression.

“The US government has thrown 29pc of GDP at this crisis compared to 8pc in the early 1930s. The Fed’s balance sheet has risen from $900bn to $2.7 trillion to bail out the system. America has to do it because the only way out is to debase the currency, but that is going to lead to some very high inflation three years down the road,” he said.

Matlin Patterson, however, has missed the Spring rebound, the most powerful rise in equities in over 70 years. “We shorted the equity rally because we thought it was lunatic. We’ve kept adding positions seven times, and we’re still holding,” he said. Ouch!

[flying]

Shocking.

I think a lot of very fair minded decent Americans are going to be sorely disappointed by Obama.

Trust me we are way more than disappointed. In his case we had such high

hopes. I guess it just meant further to fall. You think Americans would have been hardened enough by now to know....All of the promises were just hot air.

Intelligent folks knew it was impossible to deliver on all but he has pretty much delivered on none.

As soon as he appointed his cabinet most knew where it was headed.

Granted this site is anti but the things they point out are basic

http://www.prisonplanet.com/obamas-first-1...-predicted.html

[flying]

Why couldn't we have had this guy for president?

I know but I still ask

Look at this pretty good.

Nice around 2:20 too when it is shown what he wrote/said way back there in 03

Funny now they all say.......No way we could have known this was coming....errrrrmmm

http://www.youtube.com/watch?v=MQ3JNcMDWwg

Edited May 16, 2009 by flying

[MJP]

DR. RON PAUL FOR PRESIDENT

The Yanks deserved a good one this time round, the world in fact. Dr. Paul is the only politician I ever see talking sense.

PS: Don't expect the poor chap to remain at a constant 37 Celsius for long if he did win it.

[AlexLah]

I guess he forgot to brake?

And look who we got there?

Reducing the cost of health care, well the easiest way is to:

I just wonder if most of the Americans are a bit masochistic....or are they just in a constant state of hypnosis? (no pun)

Told you we are gonna see some bottom soon, well just to warm you up a bit for what is about to come......

Oh and about RP, he was the guy that was ridiculed all over the place and some of you might even have had a big laugh about him when he was on the TV last year.

A few people I know were saying he is/was a nutcase. Ooooh man, listen to the guy how he talks and compare that with (the king of teleprompter) Obama.

But hope is there, just another 3.5 years and the US citizens can vote again.

[flying]

I guess he forgot to brake?

They are thinking he had a accomplice & that may explain his demise.

[BygonKeaw]

First thing though they need to federal needs to be brought down

Agreed............

There are " movements " but I dont know if its too little too late against these

people. it was easy for them to make everyone shut up for so long by claiming you were

" anti semetic " for talking about this issue

Shut Down The Federal Reserve: Save America!

We, the undersigned, demand that the United States Congress immediately shut down the Federal Reserve System and restore money creation to Congress as mandated in the U. S. Constitution.

We also demand, without equivocation, that the United States government, on behalf of the American people, protect American national sovereignty and stop its head-long rush into world government.

http://www.ipetitions.com/petition/AFTF_P_1/

Goods news but is it to late? ron paul bill to audit the fed.

(There are some very interesting videos on that page)

http://www.ronpaul.com/on-the-issues/audit...eserve-hr-1207/

[BygonKeaw]

They spotted some top iranian guy coming out of that bilderberg group meeting, i tried to search again without watching the whole thing to find out his name. I presuming he is there to plan the Iran war out later this year(september im thinking)

I would have thought a first strike ( with conventional weapons ) would be made by Israel- not Iran ......on

one of the Jewish Festivals and Days of Remembrance ?

http://www.mfa.gov.il/MFA/Facts%20About%20...s%20in%20Israel

Obviously but i meant the fact the guy was attending probably means they are organising it through the bilderberg meeting.

[BygonKeaw]

Did you really think that the bailout money was going to be spend in the homeland?

Shocking.

I think a lot of very fair minded decent Americans are going to be sorely disappointed by Obama.

You mean the puppet?

Just think of obama as an illusion.

These peeople behind the curtain seriously need to be exposed and fast.

[BygonKeaw]

Oh and about RP, he was the guy that was ridiculed all over the place and some of you might even have had a big laugh about him when he was on the TV last year.

A few people I know were saying he is/was a nutcase. Ooooh man, listen to the guy how he talks and compare that with (the king of teleprompter) Obama.

Thats the usual way isnt it.

People think Alex jones is a nutcase soon they'll be kissing his arse.

wakey wakey sheeple, Youve been tricked and lied for way to long.

Dont be a naam and denounce everything that is different to your brainwashed beliefs.

[Naam]

They spotted some top iranian guy coming out of that bilderberg group meeting, i tried to search again without watching the whole thing to find out his name. I presuming he is there to plan the Iran war out later this year(september im thinking)

I would have thought a first strike ( with conventional weapons ) would be made by Israel- not Iran ......on

one of the Jewish Festivals and Days of Remembrance ?

according to informed sources the attack will be carried out by Captain Kirk and his experienced crew using photon torpedoes acquired from the Cardassians. to conceal the plot Kirk and consorts will perform the lesser Hajj to Mecca and Medina camouflaged as members of al-Qaeda. the attacking vessel (Starship Enterprise) will be painted matt black and can therefore not be seen when attacking at night time.

[Naam]

These peeople behind the curtain seriously need to be exposed and fast.

the CIA has pictures of some!

[BygonKeaw]

LOL

You have just proved me point with those previous 2 posts, Thanks

Obviously you believe nothing is planned and always believe no one can predict the future, well the well informed/educated can. However you seem to be to set in your cloud cuckoo land ways.

But here are some real pictures of monsters

All zionists and members of the bilderberg group.

Edited May 16, 2009 by BygonKeaw

[OriginalPoster]

These peeople behind the curtain seriously need to be exposed and fast.

the CIA has pictures of some!

I recognize #2 - he had a fist fight with Kirk that was shown to the crew of the Enterprise via close circuit TV. Eventually Kirk won by improvising a firearm out of phosphorous and some sort of a tube that he found lying around.

#3 looks like a Cardassian having a bad hair day.

#1 is unknown to me, but I think that he was at my brother's wedding.

[OriginalPoster]

LOL

You have just proved me point with those previous 2 posts, Thanks

Obviously you believe nothing is planned and always believe no one can predict the future, well the well informed/educated can. However you seem to be to set in your cloud cuckoo land ways.

But here are some real pictures of monsters

All zionists and members of the bilderberg group.

Knew it, had to be the Jews. Don't you have a Klan meeting that you should be going to?

[Naam]

Obviously you believe nothing is planned and always believe no one can predict the future, well the well informed/educated can. However you seem to be to set in your cloud cuckoo land ways.

the only thing obvious is that nobody knows my thoughts on Bilderbergs, Illumminati, et al (especially Al Bundy). congratulations if you are (as you insinuate) well informed/educated and can predict the future. i admit that this is far beyond my capabilities but i confirm that i feel and live very comfortable in the cloud cuckoo land i created

[AlexLah]

My dear fellow TV members, I have been tortured by the Chinese, you all know what that means, yes I gave some info, but not all, activate the cells!

UUuuuurghhh,

It is worth to die for something and not for nothing.

Alex

[midas]

LOL

You have just proved me point with those previous 2 posts, Thanks

Obviously you believe nothing is planned and always believe no one can predict the future, well the well informed/educated can. However you seem to be to set in your cloud cuckoo land ways.

It's impossible to have a rational debate with this person because he never provides an ounce of material

to support his point of view but simply says everything is a wet dream to him.

For the skeptics I would like to ask did they have the same skepticism in January

2003 ( 2 months before the invasion ) as to whether USA would invade Iraq ? Or was that

different- if it was different why was it different?

[lannarebirth]

LOL

You have just proved me point with those previous 2 posts, Thanks

Obviously you believe nothing is planned and always believe no one can predict the future, well the well informed/educated can. However you seem to be to set in your cloud cuckoo land ways.

It's impossible to have a rational debate with this person because he never provides an ounce of material

to support his point of view but simply says everything is a wet dream to him.

For the skeptics I would like to ask did they have the same skepticism in January

2003 ( 2 months before the invasion ) as to whether USA would invade Iraq ? Or was that

different- if it was different why was it different?

The US spent the better part of a year preparing for the invasion of Iraq. It was hardly a surprise, to anyone. What's that have to do with the Financial Crisis?

[midas]

Knew it, had to be the Jews. Don't you have a Klan meeting that you should be going to?

ok but why would being a member of the " Klan " as you put it be any worse

than being a Jew ? what we need is open discussion -who owns the Fed

and other issues which involve these people

[MJP]

Neither racist or anti-Semitic I do wonder why the Jews have been such an easy target over millennia. A Jewish friend once told me, it's the Zionists, they're religion is money and greed. Makes life very hard on the rest of us.

[OriginalPoster]

Neither racist or anti-Semitic I do wonder why the Jews have been such an easy target over millennia. A Jewish friend once told me, it's the Zionists, they're religion is money and greed. Makes life very hard on the rest of us.

Maybe it's because they value education and hard work, and that tends to pay better than bitching & moaning and pumping gas. The chess club kid is always an easy target, if he's smart and physically weak, you might as stuff him in a locker.

Edited May 16, 2009 by OriginalPoster

[OriginalPoster]

Knew it, had to be the Jews. Don't you have a Klan meeting that you should be going to?

ok but why would being a member of the " Klan " as you put it be any worse

than being a Jew ? what we need is open discussion -who owns the Fed

and other issues which involve these people

If you need to ask the question, you wouldn't understand the answer.

[midas]

The US spent the better part of a year preparing for the invasion of Iraq. It was hardly a surprise, to anyone.

So why isn't this any less credible.............?

Recent developments in Israel could certainly give the impression of a nation preparing for war: the Home Front command, one of four regional divisions of the Israeli army, has just announced the largest defense exercise in the country's history. It will last an entire week and is intended to prepare the civilian population for missile strikes from both conventional warheads and unconventional ones (whether chemical, biological or nuclear). Meanwhile, the country is accelerating its testing of missile defense systems, having just announced the successful launch of the Arrow II interceptor.

http://www.countercurrents.org/carey130409.htm

What's that have to do with the Financial Crisis?

And you don't for one minute think a possible attack of this nature and the unforeseen consequences would seriously jeopardize the global markets that you so actively participate in ?

Edited May 16, 2009 by midas

[midas]

Knew it, had to be the Jews. Don't you have a Klan meeting that you should be going to?

ok but why would being a member of the " Klan " as you put it be any worse

than being a Jew ? what we need is open discussion -who owns the Fed

and other issues which involve these people

If you need to ask the question, you wouldn't understand the answer.

oh no ! that is a Naam type response...............

it's too complicated for me to explain .....................

[midas]

Neither racist or anti-Semitic I do wonder why the Jews have been such an easy target over millennia. A Jewish friend once told me, it's the Zionists, they're religion is money and greed. Makes life very hard on the rest of us.

Maybe it's because they value education and hard work, and that tends to pay better than bitching & moaning and pumping gas. The chess club kid is always an easy target, if he's smart and physically weak, you might as stuff him in a locker.

Oh sure..........that is the only reason they are not popular..............give me a break

[lannarebirth]

The US spent the better part of a year preparing for the invasion of Iraq. It was hardly a surprise, to anyone.

So why isn't this any less credible.............?

Recent developments in Israel could certainly give the impression of a nation preparing for war: the Home Front command, one of four regional divisions of the Israeli army, has just announced the largest defense exercise in the country's history. It will last an entire week and is intended to prepare the civilian population for missile strikes from both conventional warheads and unconventional ones (whether chemical, biological or nuclear). Meanwhile, the country is accelerating its testing of missile defense systems, having just announced the successful launch of the Arrow II interceptor.

http://www.countercurrents.org/carey130409.htm

What's that have to do with the Financial Crisis?

And you don't for one minute think a possible attack of this nature and the unforeseen consequences would seriously jeopardize the global markets that you so actively participate in ?

Might be bullish I suppose. Personally, I'm against war, but no one asked me.

I don't really follow the news but since destabilizing the Middle East is the goal of the US, I would think they'd be pretty pleased no mattter which country attacked the other.

Lots of people like to say that the US is a stooge/tool of the Israelis. I think they've got it backwards. Either way, no American should be proud of that.

[OriginalPoster]

Neither racist or anti-Semitic I do wonder why the Jews have been such an easy target over millennia. A Jewish friend once told me, it's the Zionists, they're religion is money and greed. Makes life very hard on the rest of us.

Maybe it's because they value education and hard work, and that tends to pay better than bitching & moaning and pumping gas. The chess club kid is always an easy target, if he's smart and physically weak, you might as stuff him in a locker.

Oh sure..........that is the only reason they are not popular..............give me a break

You're a piece of garbage. I guess for some people the Third Reich never ended.

[midas]

Neither racist or anti-Semitic I do wonder why the Jews have been such an easy target over millennia. A Jewish friend once told me, it's the Zionists, they're religion is money and greed. Makes life very hard on the rest of us.

Maybe it's because they value education and hard work, and that tends to pay better than bitching & moaning and pumping gas. The chess club kid is always an easy target, if he's smart and physically weak, you might as stuff him in a locker.

Oh sure..........that is the only reason they are not popular..............give me a break

You're a piece of garbage. I guess for some people the Third Reich never ended.

Please dont throw up the old Third Reich red herring

nothing to do with that

I just want to know all about- who really owns the US Federal Reserve ?