The collapse of Credit Swiss as well as SVB, Signature, and more to come, have a common theme – the FAILURE of Risk Management. When we look closer at the staff involved, they were not what you would consider at the top of their class. They filled spots based on race and gender. In our company, we have every race, creed, and gender. However, they have been hired because they were all good in their particular field. NEVER have I ever hired someone because I needed to fill some agenda. That is no different from the days of hiring stunning personal assistants based on looks in hopes of getting some action on the side. Nevertheless, the qualification of those in Risk Management in all of these cases was certainly not up to the job.
Even in the White House, they are bragging about having 7 aids to Biden based on their sexual orientation. No wonder the Neocons have seized control of the White House. There is nobody there who even understands what their agenda has been for decades and how they are determined to wage war against Russia. They have seized control of the United Nations as well as the International Criminal Court. All they care about is destroying Russia and they are desperate to get Putin to do something so they can have Congress declare war on Russia and start sending American troops to their death all for their endless agenda of war.
We are in serious trouble. This WOKE Agenda has superseded everything. The companies that are WOKE you better put on your list of DO NOT INVEST for the management skills are now secondary.
Rubin Report By Dave Rubin of “The Rubin Report” talks to Peter Lloyd and Savanah Hernandez about Lieutenant Governor of Minnesota Peggy Flanagan doubling down on protecting gender reassignment surgery for transgender kids and Elon Musk’s reaction.
COMMENT: Marty, I hate to tell you but the reason you saw this coming was that you are old – like me. LOL. Do you realize that the 2007-2008 crisis was 16 years ago! Time flies, my friend. Most traders at these banks are under 35. That means that they have never seen anything like this and could not smell, taste, or see it coming. When we were youngsters, the old guy in the corner of the room would always say this is like 1929. Remember him? We are that guy today. I will buy you a Dewars when I get to Florida. The good news is we won’t have to endure this insanity much longer.
Cheers
ND
REPLY: I guess you are right. There has been a cycle of events like this for centuries. Perhaps it requires a new generation of traders every 16 years or so who think they know everything. When I was advising Temple University’s portfolio and Merrill was trying to sell them the “new way” to make money by buying the long-term, selling the short-term, leveraging that to the moon and the spread would enhance your yield, the way to increase the yield on your portfolio. The chairman of Temple told them if I approved it the University would consider the proposal. I told them interest rates would rise and they would blow up. These two young kids selling this leverage deal told the University I was “too old” back in the 90s because I did not know the “new way” to make money. The chairman was older than me. The University told them to take a hike. On December 6th, 1994, Orange County California became the largest municipality in U.S. history ever to file for bankruptcy for they tried the “new way” to make money and blew up. That was in the courts for some time.
These people NEVER seem to ever understand when the trend will change especially in interest rates. They also position themselves based upon opinion and consensus but the consensus MUST be wrong for that is what flips the trend back and forth. Only fools invest money based on opinion and the consensus view and are quickly separated from their money. Without that loss, they never learn how how markets work and those that blame others are hopeless perpetual losers for they never learn anything.
Even Ben Franklin said during the Financial Crisis: “In this world nothing can be certain, except death and taxes.” He uttered those words because of the financial panics. in his day. There was the Panic of 1791 which was followed by a massive real estate bubble that then burst during the next Panic of 1792.
The Bank of North America had been the creation of Robert Morris (1734-1806) who got caught up in the whole real estate bubble. Morris had financed the American Revolution. He was a major patriot. Nevertheless, his bank went bust in the first Financial Panic over interest rates back then and he ended up in debtor’s prison thanks to the Panic of 1792. This is one of my favorite relics of the era.
So banks have been failing over interest rate swings for hundreds of years. They don’t teach this risk management in university and the current risk models do little but snooze over the real risks for they ignore cycles. We NEVER learn from the past because people find history irrelevant or boring. You are right, we are the old guys in the corner of the room compelled to watch others repeat history over and over again.
The House Oversight Committee released records today outlining how the Biden family was paid by a Chinese energy company [House Link Here]. The bank records indicate payments to Joe Biden’s son, Hunter Biden; Joe Biden’s brother, James Biden; Joe Biden’s daughter-in-law, Hallie Biden, and an unknown “Biden;” likely the principal, “big guy”, Joe Biden himself.
WASHINGTON—Today, the House Committee on Oversight and Accountability issued a memorandum revealing new evidence resulting from the investigation into the Biden family’s influence peddling and business schemes. Subpoenaed financial records show that from 2015 to 2017, Biden family members – Hunter Biden, James Biden, Hallie Biden, and an unknown “Biden” – and their companies collectively received $1.3 million in payments from accounts related to Rob Walker, a Biden family associate.
Notably, on March 1, 2017, less than two months after Vice President Joe Biden left public office, State Energy HK Limited, a Chinese company, wired $3 million to Rob Walker’s company. The next day, the company wired $1,065,000 to a company associated with James Gilliar, another Biden family associate. Afterwards, the Biden family received approximately $1,065,000 in payments over a three-month period in different bank accounts. From the bank records, it appears that the Biden family received approximately one-third of the money obtained from the China wire. (read more)
March 16, 2023 | Sundance | 235 Comments
If you wonder about whether people are really starting to understand the UniParty operation in Washington DC, the answer appears to be a resounding “Yes.”
According to the latest Rasmussen poll [LINK HERE], even a majority of Democrats admit that Republicans likely conspired with Democrats to keep President Trump from winning the 2020 election. The exact wording of the question is:
55% – of all voters agree it is likely.
67% – Republicans
51% – Democrats
Rasmussen’s Mark Mitchell appeared on the Steve Bannon podcast to discuss the results of the poll. WATCH:
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As CTH has continued to outline, the Republican Party of Bush, Romney, McConnell et al, is dead. Voters who support President Trump reject the Wall Street professionally Republican donor class. The Republican Party is the party of MAGA, America First and Donald Trump now.
Recently on Twitter I stated, “There are not enough people who take pictures of their lunches to post on Instagram to support Ron DeSantis for president.” This is the essential core of the issue. Working people and people on fixed incomes understand the value of America First and Donald Trump in/on their lives. Every other coalition is a small segment of elite minded snobbish people who think they know better. Keep watching.
For his opening monologue Wednesday night Fox News host Tucker Carlson revisited the status of the conflict between Ukraine and Russia and the disconnect between Washington DC and American voters. WATCH:
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At the conclusion of his speech and remarks at a campaign rally event in Davenport, Iowa, President Trump did something very few candidates would ever do, he held an impromptu “ask me anything.”
A microphone was given to the audience and President Trump took unscripted questions, delivering answers directly from him, “off the cuff.” Most political consultants would recoil from their managed candidate exposing themselves to any random audience question. However, for President Trump the opportunity reflects just another example of an outsider speaking directly to the people he asks to represent. The video of the Q&A is below and represents the authentic nature of “The People’s President.” WATCH:
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You cannot ‘create’ authenticity. Either a candidate has it, or they do not.
Here’s a fun little bit of datamining by the folks at TrendingPolitics. Apparently, former DOJ apparatchik and current New York Representative Daniel Goldman is holding $32+ million in a Cayman Island bank account.
Goldman was one of Los Tres Amigos conscripted from the DOJ who was enlisted by Mary McCord to run the public face of the House impeachment effort against President Trump. More recently sketchy Goldman attempted to run defense for the Mueller-Weissmann team during testimony about the Twitter files. {Go Deep}
Considering his legal exposure to the multiple frauds he assisted and perpetrated, it seems part of his financial risk mitigation is to keep his bank accounts in the Cayman Islands. Curiously interesting, because it’s always worth noting what ammunition the Fourth Branch carries to keep their toadies in line.
[Trending Politics] – Newly disclosed financial documents show that a House Democrat leading the charge against income inequality has stashed over $30 million in a tax-free international haven to support his nonprofit.
The Richard W. Goldman Foundation, which for a decade has provided charitable efforts on behalf of the disadvantaged, reported holding $32.2 million in investments harbored within the Cayman Islands, a renowned haven for wealthy individuals and corporations seeking to relieve tax burdens. The organization was founded in 2012 by Democratic Congressman Daniel Goldman of New York.
Documents filed with the Securities and Exchange Commission list Goldman as financial director for the Goldman Foundation, giving him control over where and how its assets are managed. Disclosures to House Ethics by the New York lawmaker show he has maintained a position on the foundation’s board of advisors through July 2022.
Rep. Goldman just last week issued a statement supporting President Joe Biden’s plan to raise taxes on corporations and wealthy Americans as part of his annual budget. (read more)
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