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tv   [untitled]    November 26, 2011 8:30am-9:00am EST

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martin why not. when i know what's really happening to the global economy with much stronger or a no holds barred look at the global financial headlines tune into khan's report. five thirty pm in moscow these iraqi headlines pakistan's blocks of vital nato supply route to afghanistan in response to a fatal helicopter strike have border checkpoint alliance attacks killed up to twenty eight pakistani soldiers and injured more than a dozen others and threatens to further strain relations with. cairo in chaos fresh clashes flare up in tahrir square is tens of thousands keep up the protests against egypt's military rulers demonstrators are far from satisfied with the newly appointed prime minister and even started forming their own salvation
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government. now so less than an hour away from the scheduled launch of its biggest most expensive rover mission to mars the probe is enhanced by russian designed water detector that could be critical in the search for traces of life on the red planet if there are any to be found. up next the kaiser report tells the story of how unemployed bankers are suffering from the economic collapse caused by their fellow financier's kaiser report up next. i am max kaiser this is the kaiser report occupy wall street is waiting hundreds of thousands of bankers and brokers are being laid off that's right there for the baxter's 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 procreate industry bankers
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are being laid off that's right well those are like the bomb makers on face so we've got to get rid of them brokers are being laid off yeah those are the financier's of the bomb makers 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 they're sold by the bankers and brokers play them off they're terrorists support staff are being laid off at all damaged product people are being laid off those are marketing people they try to sell the idea that the brokers and bankers of the fuse makers are selling and worthwhile products and blow up economies got to get rid of them they're terrorists wealth management people are being laid off those are the people that try to convince the wealthy that they should take massive losses in their accounts of finance the bankers and brokers and candlestick makers and fuse makers of marketing people to build above the blorb audio and finally analysts are being laid off analysts provide the economic liberal concatenations of the academic model like the real will be to prove that blowing people up for economic glory makes some
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kind of academic sense he's got to go all those guys got to go they're terrorists well max the headlines on this continue wall street unoccupied with two hundred thousand job cuts to those people i say here's a mcdonald's application go get a job you peasants suck it up as charlie munger would say. 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 there's all of us in a foxhole people discover god. has been committing massive fraud knowingly willingly and sucking on the teats of the massive global fraud suddenly he wants to be a good boy and work for an ethical company i say to the gallows to you my friend but
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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 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 he his ability to cause trouble is minimized well there are some more unemployed bankers and those who service the bankers max 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 client that they really illegally foreclosed upon and they thought it was so hysterical but 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 body to use them so they had to go out of business but the guy who had stephen jay found firm he wrote a letter to joe nocera from the new york times he was the first one to publish those photos and he said mr no sara you have destroyed everything and everyone related to stephen jay bound it took forty years to build this berm and three weeks to tear it down i don't know why it took so long to tear the sucker down. because they've been involved in a massive fraud for probably thirty nine of those forty years this guy needs to get on the breadline into the soup kitchen and beg for across the bread out of the 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 a few months one day really in two thousand and eight well it's
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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 the debt 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 evaporates so does all the equity and it's goodnight 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 ten lines 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 lima graff goodman a friend of the show and apparently big institutional investors are getting
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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 announced that in fact there's a one point two billion dollars black hole of missing client funds which coincidentally 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 that the clients of m.f. global. so with that she says although m.f. global pose j.p. morgan one point two billion as an unsecured creditor clients of m.f. global whose spawns are still missing should not have to beg j.p. morgan for relief were simply asserting that if m.f. global comingle funds from customer accounts or cannot properly account for them j.p. morgan can't lay claim to those funds and so if they were their own says one investor and m.f. global well j.p.
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morgan's 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 but he didn't 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 millionaire is one hundred million or so if you make you know 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 j.p. 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 right 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 hedge fund managers and bankers are throwing child applications of the occupy wall street protesters so another interesting quote from this article is that leah mcgrath goodman spoke to a hedge fund manager who goes on names 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 this 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 can happen in finance. i mean this kind of funny when all these hedge fund people greenwich connecticut sorts finally wake up to the economy as it actually exists for tens of
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millions of one hundred million people in america now either one foot in or about to answer to the poverty zone and so now this hits the ground it's connecticut living the paul tudor jones types out there as 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 people who well they said nothing when the when the people started getting their wealth confiscated you know the the people on the with with low paying jobs the people who were marginalized by society by the fraud committed by wall street they said nothing now they're coming for you and my advice is to s t f u here's j.p. morgan seizing the funds from the guys who thought they were in the one percent and that that protected them when it's the point zero zero zero zero one percent that you'll see actually at the end of the day will get everything and j.p. morgan as you know it ministers the food stamp program in america so i want to turn
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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. currently if you've ever been to 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 but 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 two to eight months in prison and would have made her eligible for probation just immediately said 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 abominable she has been the beneficiary of government generosity in state court right so the judge is pointing this woman as a cheater of a food stamp program that j.p. morgan administers and while minister ing it they've committed already on the books three massive episodes of multi hundred million dollar fraud i think billion of which they paid only pennies on the dollar without having to admit that they're guilty. now you wonder why there is 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 when 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 pony up twenty five billion dollars yes remember the taxpayer has given a i.g. over seventy billion dollars when their stock price was down it almost zero now hank greenberg on monday last week filed a twenty five billion dollar lawsuit against us claiming that the government takeover of the insurer was unconstitutional claiming that he was not given just compensation well look i mean this is the problem is that because the crisis stage it was deemed that we couldn't possibly put any of these guys in jail we need to move forward remember this is barack obama the same guy. go forward well of course
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the risk is that these criminals would just come back to the trough again and ask for more money as this guy had 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 worth stealing and this is what these guys who ripped us off the first go around never coming back saying we want more you didn't pay us enough for our cry. it's all right stacy ever thanks so much for being on it has a report think humans don't go away much by coming away so stay right there.
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welcome back to the kaiser report imax kaiser time now 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 in a book called plunder the crime of our time everything it just cost is coming through recently judge rakoff for example said the f.t.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 thoughts well this is the whole problem we still haven't had it in effect has been investigated on any level of fraud on wall street has been a couple of prosecutions mostly of minor players another made all foot trader has
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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 newman 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 furious at this abomination of justice they use the judges 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 cleary sun early that said six hundred million dollars who was missing now they're saying one point two billion dollars is missing apparently. in their less days they took customer money which they're not allowed
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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 it's going to be a congressional probe of it but it's become a partisan matter in part because scores are of course a democratic governor so the 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 this movement it's 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 been orchestrated by a support from the government particularly the apartment of homeland security has
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been meeting with local cities providing all sorts of non-lethal police a tool and the consequent is that 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 it had been put on leave but these kinds of outrages continuing they continue basically to grow the movement by getting more sympathy for the activists of course they sat there throwing a nine hundred sixty days the anti-war movement we had a can't think moment when students we can't state or gun down this galvanize the anti-war movement and push the momentum toward with excess of that movement we have a can't state moment and with the occupy movement was a pathway bring that there was a report of the for. first they try living in seattle where a woman had
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a miscarriage after being hit by the police lost her child you know the situation of a growing confrontation and growling violence by the police and you know the question is to what degree is the obama administration directly implicated in all of this president himself who was challenged in new hampshire at a political pierrots yesterday he was what we 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 they repeat other 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 and i go back to two thousand and eight and obama took over the president say idea was that we can't look back we can't prosecute the baxters we have to look forward and a john karzai who was mentioned as a possible president secretary at a time and up and told even
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a few months ago by vice president of the united states of the possible treasury secretary nomination of joe biden was a big mistake there and not prosecuting a backstairs and letting them because they want to come back and still more greenberg now he was a prosecutor thrown in jail for his lying can and staling i want to come back and sue the government for billions more if i mean max are going to think this is been a big mistake because it feeds the president should and the real perception and the actual reality of a lack of economic justice that somebody who gets arrested was 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 bags through. only schemes and compensation and the like these people are not even considered subjects of criminal investigations so we have a precedent in this country. back at the s. and l. crisis where over
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a thousand i think seventeen hundred banks toure's went to jail there were criminal referrals that were put forward by regulators in this case there have been virtually none and this is something that i think has kept a government's credibility very low in the eyes of most people who've been following this recently freddie mac. cut off support for stephen j. one of the biggest mortgage brokers in the industry as a result they declared bankruptcy got a bit of a not all the employees are on the street this is the same people who dressed up like almost people that made homeless the year before halloween party and now there's bound character want sympathy he says oh woe is me ryan tacking me and that's 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 at the banks claim they owned in some cases the banks that needed only stones that they if they foreclosed anyway
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and judges who just rubber stamping these applications for foreclosure because their political appointees just you know scientists foreclosure orders and people were thrown out of their homes but he was so you know agreed 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 there's you have to be really outrageously behead 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 engaged and got wrecked out right provable fraud that have not been prosecuted that a second let me ask it is now two hundred thousand being laid off on a loss rates. the occupy movements right successful in getting the banks or is out
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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 let's understand something you know wall street 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 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 and 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 what's gotten in their practices have been you know not just the question really neagle but you know in effect they're going to do you know the whole financial collapse so you know the occupy movement isn't gloating about this
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they're still looking for regulators to try to do their job and prosecutors to do their job is still pursuing justice to try to get money big money out of politics and this movement i believe is really inspiring the whole world and have been a thousand cities have had protests in support of occupy wall street and the objectives even though they i mean stolen 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 it's not even oh out you know to occupy half an acre of a park in new york city that is actor and not a meth groupie hacktivist online group i'm i'm not. recently said our suggested
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that they were going to start their own head front and as the banking industry implodes they would be selling shares short and profiting from the collapse as we see a risk returning to the operations of these banks that brought that the purpose have been operating with with zero rest for the past ten to fifteen years thanks to the ribbons and other heading strategies do 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 brutality and and abuse which is just so clear so you know will anonymous be successful as people i don't know that it's guns some of them
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have been very successful but many haven't you know i think there are there's a lot of different a magic to the tactics being adopted i mean anonymous is not really part of the smooth macare supporting it but the movement itself is trying to try to fly its demands and political program basics thrust it seems max to occupy the mainstream they want to not just reach people who agree with them they want to reach out to all kinds of people want to employ the workers victims of student debt which students can't afford to stay in school the people who are being foreclosed upon in the lake 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 that seems to be getting worse and at least this movement is articulating the frustrations and feelings of people who. we haven't heard from before remember up until six months ago the whole debate in america three months
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ago was all about deficits you know cut cut cut cut cut in europe austerity was you know religious mantra of the day now economic justice as an issue that's been put on each gender sanction occupy wall street you've got to give him credit for that but danny schechter 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 plunder the crime of our time dot com and i can be reached at dyce sector at media channel dot org thanks max all right fantastic any sector for being on the kaiser report that's going to do it for this edition of the kaiser report with me max kaiser and stacey harbor our thank my guests danny schechter the news dissect or if you want to send me an e-mail please do so at kaiser report r t t v are you you can follow us at kaiser report on both twitter and facebook at all next time this is max hauser saying.
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