Frederick Douglass

"Power concedes nothing without a demand. It never did, and it never will. Find out just what people will submit to, and you have found out the exact amount of injustice and wrong which will be imposed upon them..." Frederick Douglass

Thursday, March 1, 2012

Financial Firm Fined for Misleading Investors on Magnetar Bets

Steal billions, get fined five million. Now that's a solid business model!

Carina, incidentally, means "cute" in Italian. So you can't say they don't have a sense of humor.

Just to review: Magnetar, a hedge fund, crafted these CDOs for Deutsch and JPMC (These are the Rothschild and Rockefeller families), and then the banks sold them to their customers, the insipid rich, assuring the latter they were good investments. Then the banks and Magnetar placed wagers that the CDOs would go belly up, which of course they did.

Magnetar has never been charged with wrongdoing, and has always maintained that it did not have a strategy to bet against the housing market.

They may not have had such a policy, but that is precisely what they did! In fact, I believe that Magnetar was created specifically for this purpose, as I have written in other entries in this blog and elsewhere.

What we are witnessing here is the all too familiar incestuous embrace of state and capital, which will exist as long as the state and capital exist.

Had enough yet?