Mega Enron - Catastrophic Stock Meltdown? - Naked Short Selling

[realpolitic]

This is an incredible slide show about a possible meltdown of Wall Street, it takes about 80 minutes, well worth the time.

http://www.businessjive.com/nss/darkside.html

[Lodi]

You would be amazed at how much the equity in the stock markets would be if all the drug money was taken out of the markets, let alone all the bank failures.

[Japher]

yeah, 'cause the stock market is the best place to launder money

[Lodi]

The markets are a great way to blow wealth, so laundering it through the markets would be another way to blow present and future wealth.

[Dauphin]

Laundering money is easier through small stores that are cash based than through documented share trading.

Talking of drug money there was an article around somewhere about plea bargaining for fraud cases, and a comment that organised fraud is second only to Class A drug trafficking as a cause of harm to people's lives.

[Lodi]

Is it true that some drug dealers actually file an income tax form and put down the source of it as 'Fifth Ammendment?' That is, they try to use the Fifth Ammendment to not self-implicate.

[realpolitic]

I live in Hubodlt County, famous for it's pot, you'd be amazed at the money laundering operations here. In the county seat, Eureka, population 30,000, there must be 50 art gallery and boutique stores. MAXXAM Corp did a hostile takeover of the main legal industry, logging, 15 years ago and clearcut many of the forests then. Factories here closed 25 years ago. The next largest legal industry is the University, which hasn't grown in decades. Yet the boutiques aren't closing.

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Banks are allowed to lend 10 times their assets, making it a huge Ponzi scheme that could collapse anytime.

[Dauphin]

In many countries banks are required to pay an insurance (or are party to a compensation agreement) to protect the first $xx,000 of any given account holder in the event of a bank collapsing.

i.e if you have an account with $10,000 in it and the bank collapses you will probably be protected up to a value of approximately $10,000.

[Spaced Cowboy]

It's $100k in the US, some brokerages will gaurantee more.

[Main_Brain]

This reminds me of an old Joke I once heard, google comes in Handy here:


Back during the Solidarity days, the following joke was being told in Poland:

A man goes into the Bank of Gdansk to make a deposit. Since he has never kept money in a bank before, he is a little nervous.
"What happens if the Bank of Gdansk should fail?" he asks.
"Well, in that case your money would be insured by the Bank of Warsaw."
"But, what if the Bank of Warsaw fails?"
"Well, there'd be no problem, because the Bank of Warsaw is insured by the National Bank of Poland."
"And if the National Bank of Poland fails?"
"Then your money would be insured by the Bank of Moscow."
"And what if the Bank of Moscow fails?"
"Then your money would be insured by the Great Bank of the Soviet Union."
"And if that bank fails?"
"Well, in that case, you'd lose all your money. But, wouldn't it be worth it?"

[Lodi]

Or how about the fact that the Federal Reserve and other national central banks throughout the world are for profit private banks? That's an even worse fraud. Combine that with the main way we issue currency via the 1864 National Banking Act, there are many ways rich and powerful people profit via our monetary system.

[Darius871]

To get back OT, anyone bored enough to summarize the slideshow?

[chequita guevara]

Originally posted by realpolitic
I live in Hubodlt County, famous for it's pot, you'd be amazed at the money laundering operations here. In the county seat, Eureka, population 30,000, there must be 50 art gallery and boutique stores.

To be fair, Eureka has been something of a tourist place for a while. There's also a bit of an artist community there. Which might explain all the pot.

[Qilue]

Originally posted by Darius871
To get back OT, anyone bored enough to summarize the slideshow?

Stock brokers are like used car salesmen, not all of them are to be trusted.

[Darius871]

Of course they are, that's like taking 80 minutes to say I should remove my pants prior to taking a ****.