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tv   [untitled]    November 26, 2011 12:30am-1:00am EST

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welcome back a look at the headlights of. thousands of different voices on cairo's tahrir square about to stick to their demands for change despite the leadership's promise something for future. defying the crisis americans head to the stores for the annual black friday shopping frenzy even as the queues are in the shelters and from stations set new records. tale of riches to rags how an american who wants to govern them and hoping for nothing really in this instance he's.
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got all. his co-host stacey herbert keep an eye parted very down on high finance and this is to look at all the data scandals in the world. i am max keiser this is the kaiser report occupy wall street is waiting hundreds of thousands of bankers and brokers are being laid off that's right given the banks turns that's what we're aiming for a station arm or tells well max here's a headline from the reformed broker rough times for the procreates industry bankers
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are being laid off that's right well those are like the bomb makers on today so we got to get rid of them brokers they're being laid off yeah those are the financier's of the maker so we've got to get rid of those terrorists traitors are being laid off yeah the trainers they create the fuses for the bombs that are sold by the bankers and brokers lay them off they're terrorists support staff are being laid off collateral damage products people are being laid off those are marketing people to try to sell the idea to the brokers and bankers and the fuse makers are selling and worthwhile products to blow up economies how to get rid of them they're terrorists wealth management people are being laid off those the people that try to convince the wealthy that they should take massive losses in their account to finance the bankers and brokers and candlestick makers and fuse makers of marketing people to build a bomb to blow a body up and finally analysts are being laid off analysts provide the neo economic liberal concatenations of the academic model like
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a serial rubini to prove that blowing people up for economic glory makes some kind of academic sense he's gotta go all those guys got to go there terrorists well max the headlines on this continue to wall street unoccupied with two hundred thousand job cuts to the. people i say here's a rick donald application go get a job you peasants suck it up as charlie munger would say suck it up well the article starts off introducing john brady the co-head of m.f. global incorporated chicago office he's looking to join a firm now as he's lost his job that believes integrity and honesty are the single most important ingredients to success yeah those dollars in a foxhole people discovered god after this guy has been committing massive fraud knowingly willingly and sucking on the teats of the massive global fraud suddenly he wants to be
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a good boy and work for an ethical company i say to the gallows to you. but the other point you've made this before is that the system is fraud so if he's looking for one with integrity and honesty those two just don't go together that's like saying i want to an honest mafia don i don't want to work for one of these thugs that kill people and put cement boots on them and throw them into the hudson exactly you should get a job as a florist or a dog walker or something like that where his ability to cause trouble is minimised . well there are some more unemployed bankers and those who service the bankers nox foreclosure firm stephen j. bound to close down now the funny thing about this is of course they were fired because of those images those photos from hollowing where they dressed up as the clients that they really illegally foreclosed upon and they thought it was so hysterical because freddie mac. the major underwriter of half of the mortgages in the us the government sponsored
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entity that the taxpayer now completely owns well they stopped allowing any buddy to use them so they had to go out of business but the guy who had stephen j. brown firm he wrote a letter to joe nocera from the new york times who was the first one to publish those photos and he said mr no sara you have destroyed everything and everyone related to stephen jay baum it took forty years to build this firm and three weeks to tear it down i don't know why it took so long to tear the sucker down because they had been involved in a massive fraud for probably thirty nine of those forty years this these to get on the breadline into the soup kitchen and beg for across the bread as a way to the gallows but you could apply his own charges against mr no sarah to the whole u.s. economy the u.s. empire it took forty fifty sixty years to build that up and a few months for the bankers to take it down less than
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a few months one day really in two thousand and eight well it's a good point you know the u.s. economy is built on the back of massive debt expansion and then once it becomes clear that that can't be serviced it evaporates like a hologram in the wind and that's exactly what we're seeing now because people understand that the u.s. economy wall street is just one big enron and once confidence about rates so does all the equity and it's good night marie now it was the images of them at stephen jay dressed as the homeless that they had made homeless. that really resulted in them the firm going out of business and i want to turn to this image here that i saw on the occupy wall street news dot org and it's an image of some cyborgs or policeman i can't tell but they're protecting j.p. morgan chase and with that in mind i want to look at these next headlines most of them involving j.p. morgan chase m.f. global the mess that keeps getting messier so this is an article on c.n.n. money from liam mcgrath goodman friend of the show and apparently big institutional
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investors are getting a taste of what many frustrated taxpayers experienced during the financial crisis being on the hook for losses of a major financial firm against their wishes now remember the trustees have now so announced that in fact there's a one point two billion dollars black hole of missing client funds which quinn suddenly happens to be the exact same amount of m.f. global fund at j.p. morgan which j.p. morgan is not releasing to the trustees or there but clients of m.f. global so with that she says although m.f. global j.p. morgan one point two billion as an unsecured creditor clients of m.f. global whose funds are still missing should not have to beg j.p. morgan for relief were simply asserting that if m.f. global commingled funds from customer accounts or cannot properly account for them k.p. morgan can't lay claim to those funds and so if they were their own says one investor
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in m.f. global like j.p. morgan is balance she is severely impaired a lot of smart money is sure j.p. morgan you know my guess is that jim rogers who said he is short of big money bank is doing give the name i'll just guess that is j.p. morgan he can comment on that if he wishes but i think the smart money is massively short j.p. morgan stock because this stock if you mark to market anything and everything is worth less. than zero but it's a theme here i'm really focused on max is that we've been focusing on is that the millionaires one hundred million or so if you make one of these hedge fund guys think oh i make two hundred million a year on like the top one point one point point point point zero one percent one of these guys chip in morgan will take care of me well they're getting wiped out their funds are being stolen now because all the peasants have nothing they have nothing but debt and they're already on j.p. morgan's gulag farm but exactly the the bar for fraud and
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malfeasance is being raised all the time now it's including those folks you know who are aspiring to the fortune four hundred list next year will be the folks on the fortune four hundred list and of course max a lot of the hedge fund managers and bankers are throwing child applications at the occupy wall street protesters so another interesting quote from this article is that liam a graphic goodman spoke to a hedge fund manager who goes unnamed he's an anonymous what's different about this case she asks well according to this one hedge fund executive sums it up best what is scary about m.f. global is that there is no political will in this country to look out for people let's just be a lesson but if someone tries to steal from you there is no one who is going to save you i mean it is literally the most frightening thing that could happen in finance. i mean this kind of funny when all the fun people greenwich connecticut stores finally wake up to the economy as it actually exists for tens of millions in
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one hundred million people in america now either one foot in or about to enter to the poverty zone and so now this hits the ground it's connecticut living the paul tudor jones types out there hedge fund managers who suddenly realize that they're supporting a massively corrupt system and the tears are just pulling out of their eyeballs they can't be zero zero zero zero zero people who well they said nothing when the when the people started getting their wealth. you know the the people on the with low paying jobs the people who were marginalized by society by the fraud but committed by wall street they said nothing now they're coming for you and my advice is to see if you hear is j.p. morgan seizing the funds from the guys who thought they were in the one percent and that protected them when it's the point zero zero zero zero one percent but you'll see actually at the end of the day we'll get everything and j.p.
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morgan as you know it ministers the food stamp program and america so i want to turn to this story here to look at how much fraud j.p. morgan has committed that has come to light over the last few years and not once have they had to admit to guilt and always they paid a fraction of their ill gotten gains as a fine woman given three year prison term for a law so a federal judge has sentenced a woman to three years in federal prison for lying on her food stamp application this is a mississippi and apparently if you've ever been charged with a crime involving drugs you're not never allowed to collect any benefits so she applied for food stamps and she lied saying she had never been charged with crimes involving drugs and she had two boys to feed two children so she received four thousand three hundred sixty seven dollars over the few years and food stamps when she was caught she paid it back and still this judge bypassed sentencing guidelines
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. that suggested she received eight months in prison and would have made her eligible for probation just immediately so she would have never gone to jail but instead the judge sentenced her under a federal statute that carries a maximum five years sentence he said quote the defendant's criminal record is simply a moment of all she has been the beneficiary of government generosity in state court right so the judge is warning this woman as a cheater of a food stamp program that j.p. morgan ministers and wall ministry and they've committed already on the books three massive episodes of multi hundred million dollar fraud i think billion of which they've paid only pennies on the dollar without having to admit that they're guilty . now you wonder why there's an occupy movement you wonder why the people who are staging an uprising you want to why jamie diamond doesn't feel safe when he goes home at night you want to i looks over his shoulder seeing when the people come for him just to see where this is heading so all of these bankers the j.p.
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morgans the goldman sachs the bank of america citi groups they've benefited from huge amounts of federal taxpayer dollars they've been bailed out by all the taxpayers over and over again here's i think something you can look for for them to do now because they used the financial emergency to get all these tarp funds these bailout funds well former a.i.g. c.e.o. suze claiming taxpayers need to point out twenty five billion dollars yes remember the taxpayers given a i.g. over seventy billion dollars when their stock price was down to almost zero now hank greenberg on monday last week filed a twenty five billion dollar lawsuit against the u.s. claiming that the government takeover of the insured was unconstitutional claiming that he was not given just compensation well look i mean this is the problem is that because of the crisis stage it was deemed that we couldn't possibly put any of these guys in jail we need to look forward remember this is barack obama saying
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we've got. go forward well of course the risk is that these criminals will just come back to the trough again and ask for more money as this guy great greenberg is doing i remember max last week we covered the story of the chinese thief who broke into a woman's house and then yelled at her for not giving him enough money that she was not working hard enough to have something worse the feeling and this is what these guys who ripped us off the first go around never coming back saying we want more you to pay s n l for our crying. parts all right stacy ever thanks so much for being on it has a record think humans go way much more coming away so it's a rather. well. there is more mouths to feed but where will the food come from can science provide the answers to the future of food under the microscope. we've got the
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future covered. welcome back to the kaiser report imax kaiser ty got to go to new york and speak with danny schechter the news dissect there any welcome back to the kaiser report a pleasure max happy thanksgiving day schachter you made a film on a book called plunder the crime of our time everything it does cost us coming through recently judge rake off for example of the f.c.c. settlement with bank of america and citigroup were abomination but that is a federal judge had no authority to do anything about it your thought well this is the whole problem we still haven't had an infected investigation on any level of
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fraud on wall street there's been a couple of prosecutions mostly of minor players another made off the traitor has now been basically convicted and being sentenced to forty years but basically the people in the big banks who engaged in the subprime lending scandals and the leveraging and all of this have been able to create said it's. their companies pay off the government in lieu of trials that would send c.e.o.'s to jail and this is one of the blatant problems that inspire movements like occupy wall street and anger americans across the spectrum who are just theory that set this abomination of justice they use the judge's word now is the whole question of m.f. global company that fell apart under the leadership of former new jersey governor and and goldman sachs chief john corazon of currently it said six hundred million
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dollars when he was missing now they're saying one point two billion dollars is missing apparently in there less days they took customer money which they are not allowed to do to help pay off some of the debts that they had to european banks and the like and this is being investigated by the f.b.i. right now that's going to be congressional pro. for a bit but it's become a partisan matter in part because corps and of course is a democratic governor so republicans are up in arms about this one but as by and large are supporting wall street and in fact the republican party executives at the announced occupy wall street saying it's the wrong target you know you should focus on the congress i.e. focus on democrats so it's around and around we go and no real breakthrough seem to be inside but this movement is still picking up steam according to media monitors lest week occupy wall street had its most media ever a largely because of the police crackdown which now and in the minds of many has
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been orchestrated by support from the government particularly at the apartment of homeland security has been meeting with local cities and providing all sorts of quote non-lethal policing tools and the consequent is have been more arrests like the incident that outraged the world at the university of california davis where young people who were sitting down nonviolently were pepper sprayed you know the police that did it have been put on leave but these kinds of outrages continue and continue basically to grow the movement by getting more sympathy from the activists of course a sector during the one nine hundred sixty s. the anti-war movement we had a can't think moment when students they can't state or gun down this galvanize the anti-war movement and push the momentum toward with excess of that movement we have they can't state moment yet with the occupy movement was wearing a hat there was
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a report of the first fake ality in seattle where a woman had a miscarriage after being hit by the police lost her child you know situation of a growling confrontation and growling violence by the police and you know the question is who. what degree is the obama administration the rectally implicated in all of this the president himself was challenged in new hampshire at a political perience yesterday he was what they call mike checks this is the way in which the movement you know challenges him by one person saying might check another saying might check in and they repeat their questions and they did this at a political meeting in new hampshire so this is clearly not a movement that's partisan but a movement for justice economic justice when i go back to two thousand and eight and obama to call for the president to say is idea was that we can't look back we
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can't prosecute the baxters we have to look forward and i john karzai who is magine is a possible treasury secretary at the time and up until even a few months ago by vice president of the united states as a possible threat or secretary nomination joe biden was not a big mistake there are not prosecuting a bad stores and letting them because they want to come back and still more hank greenberg now what he was a prosecutor throw in jail for his lying can't staling i want to come back and sue the government for billions more did i mean max i'm going to think this is been a big mistake because it feeds the president should and the real perception the actual reality of a lack of economic justice and somebody who gets arrested for stealing a coca-cola from a grocery store is prosecuted somebody who actually engaged in in the looting of their own companies and their and their own banks through giant owners schemes compensation and the like these people are not even considered subjects of criminal
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investigations so we have a precedent in this country back of the s. and l. crisis were over a thousand i think seventeen hundred banks toure's went to jail that were criminal referrals that were put forward by regulators in this case there had been virtually none and this is something that i think is. kept a government's credibility very low in the eyes of most people been stalling us recently freddie mac. cut off support for stephen j. one of the biggest mortgage brokers in the industry has rethought a five car bankruptcy and go out of business and not all the employees are on the street these are the same people who dressed up like almost people that made hamas the year before to hollywood party and now this bound character want sympathy he says oh woe is me why attacking me is that justified or is he just crying big fat alligator tears i mean he's alleged to have run what's called the foreclosure mill you know he was basically serving the banks and getting people out of their homes
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that the banks claim they owned in some cases the banks didn't even own the stones but they they foreclosed anyway and judges who just rubber stamping these applications for foreclosure because they're political appointees just you know scientists for closure orders some people were thrown out of their homes but he was so you know agree just in the way he did it and it was so outrageous when this party you know came to light of mocking the people he was throwing out you know that the government really cracked down on him you know in other words you have to be really outrageously bad to get the attention you know of the prosecutors and the regulators but you know the whole housing bubble basically is now a housing model there's no real breakthrough there the industry is you know basically in the toilet and we have a situation where there are many people who are engaged in direct outright provable fraud that have not been prosecuted yet
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a second let me ask it is now two hundred thousand being laid off on wall street so the occupy movement for a successful in getting these banks or that of out of the front line now do you think that they're going to join the occupy movement at the state understanding that their predicament or they are they still in denial well it's on the steps of the you know well. he has occupied america for a long long time this movement is challenging that occupation with another occupation which is under attack by the new york city police and a realty company named brookfield properties who ordered the mayor's girlfriend sits as well as i'm told joe biden's son is an attorney for this company so you know the fact that wall street is doing a better job of actually collapsing then the occupy movement is doing and forcing them to collapse is interesting in itself it's their own you know karma basically that's been gotten in their practices have been you know not just the question
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legal but you know in effect they're going to do you know whole financial collapse so you know the occupy movement isn't gloating about this they're still looking for regulators to try to do their job and prosecutors to do their job the school pursuing justice to try to get money big money out of politics and this movement i believe is really inspiring the whole world i mean they've been a thousand cities have had protests in support of occupy wall street and the objectives even though anyone spell them out people get it you know occupy wall street it's about time is the reaction of a lot of people in new york and so that the popularity of the movement has grown even though the movement is under attack and is not even oh wow it's you know to occupy half an acre of a park in new york city has attacked or they're not
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a meth group the hacktivist online group anonymous recently said are suggested that they're going to start their own have fun and as the banking industry implodes they would be selling shares short and profiting from a collapse as we see a risk returning. the operations of these banks that brought that the purpose of had been operating with with zero rest for the past ten to fifteen years thanks to the rigid as another adding strategies if you think this is a good idea for activist groups like anonymous to start around have fun and fight fire with fire what do you think you know i think there's a lot of creative tactics some of been successful some of failed some of actually succeeded despite failure in other words seven hundred people get arrested on the brooklyn bridge that's a failure they didn't get across the bridge but it's a success because it led you know to doubling of their support in new york city because of the police of brutality and and abuse which was just so clear so you
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know will anonymous be successful as hedge fund people i don't know that runs some of them have been very successful but many haven't you know i think there are a lot there's a lot of different imaginative tactics being adopted i mean anonymous is not really part of this movement or supporting it but the movement itself is trying to try to fly its demands and political program a basic thrust of it seems max the occupy the mainstream they want to not just reach people who agree with them they want to reach out to all kinds of people on employed workers victims of student debt which students can't afford to stay in school of people who are being foreclosed upon and the like and there are millions of people in that situation i mean there are a lot of studies that are showing that you know forty five percent of the people can't afford to pay their bills i mean we're in a bad situation it seems to be getting worse and at least this movement is
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articulating the frustrations and the feelings of people who we haven't heard from before remember up until six months ago the whole debate in america three months ago was all about deficits you know cut cut cut cut cut in europe austerity was the you know religious mantra of the day now economic just. this is an issue that's being put on the genda sanction occupy wall street you got to give him credit. for how can people reach you and tell and catch up with what you're up to you can find out more about my book about financial crime in my film plunder and plunder the crime of our time dot com so under the crime of our time dot com and i can be reached at guy sector at media channel dot org thanks max all right fantastic danny schechter for being on the kaiser record that's going to do it for this edition of the kaiser report with me max kaiser and stacey harbor our thank my guest danny schechter the news dissect or if you want to send me an e-mail please do so kaiser report r t t v dot ru you can follow us act kaiser report i'm going to twitter and
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