The Columbia School of Journalism is our nation’s finest. They grant the Pulitzer Prize, and their journal, The Columbia Journalism Review, is the profession’s gold standard. CJR reporters are high priests of a decaying temple, tending a flame in a land going dark.
In 2006 a CJR editor (a seasoned journalist formerly with Time magazine in Asia, The Wall Street Journal Europe, and The Far Eastern Economic Review) called me to discuss suspicions he was forming about the US financial media. I gave him leads but warned, “Chasing this will take you down a rabbit hole with no bottom.” For months he pursued his story against pressure and threats he once described as, “something out of a Hollywood B movie, but unlike the movies, the evil corporations fighting the journalist are not thugs burying toxic waste, they are Wall Street and the financial media itself.”
His exposé reveals a circle of corruption enclosing venerable Wall Street banks, shady offshore financiers, and suspiciously compliant reporters at The Wall Street Journal, Fortune, CNBC, and The New York Times. If you ever wonder how reporters react when a journalist investigates them (answer: like white-collar crooks they dodge interviews, lie, and hide behind lawyers), or if financial corruption interests you, then this is for you. It makes Grisham read like a book of bedtime stories, and exposes a scandal that may make Enron look like an afternoon tea.
By Patrick M. Byrne, Deep Capture Reporter
The Story of Deep Capture
By Mark Mitchell, with reporting by the Deep Capture Team Introduction – by Mark Mitchell
I began working on a version of this story in January 2006, while serving as an editor for the Columbia Journalism Review, a publication tasked with upholding the standards of the American media. In November 2006, a hedge fund that was at the center of the scandal I was investigating offered the Columbia Journalism Review a great deal of money. Shortly before CJR accepted the money, I left my job, so I do not know if my editors, whom I believe to be honest people, would have allowed me to persevere. But I have no doubt that the hedge fund’s “beneficence” was aimed at preventing the publication of stories like this one.
And it might well have succeeded if Patrick Byrne had not approached me with an idea. Why not combine forces and spearhead a whole new approach to investigative journalism? Most media content is produced by rumpled journalists (i.e., people like me), working alone under tight constraints. Deep Capture could be something different – a power team circumventing the traditional media and pushing limits to uncover the truth.
The Euro-zone in its current form is in its final chapter. Anyone who argues otherwise is not paying attention.
Consider the Greek situation. Greece’s debt problems first made mainstream media headline news at the beginning of 2009. The IMF/ EU/ ECB/ and Federal Reserve have been working on this situation for two years now. And they’ve yet to solve anything: after two bailouts, significant debt write-downs, and numerous austerity measures, Greece remains bankrupt.
Now, if the Powers That Be cannot solve Greece’s problems… what makes anyone think that they can address larger, more dangerous issues such as Spain or Italy, etc?
Consider that the world’s central banks staged a coordinated intervention…and Italy’s 10 year is back yielding more than 7% less than two months later.
Again, a coordinated intervention by the world’s central banks bought less than few months’ time for Italy…
united states currency eye- IMG_7364_web (Photo credit: kevindean)
December 30, 2011 By Al Holtje
The outrage and contempt I have for the American political system is beyond comprehension. As Abraham Lincoln so eloquently phrased at Gettysburg it’s sad to say; “government for the people and by the people” has been betrayed. Today, the engine that energizes government is fired by corruption and power in the never ending battle for control of the nation’s checkbook. What is most disturbing to me is that the great majority of American’s sit back and buy into the right vs. left arguments ignoring the essential issue which is the plight of the ship of state. In truth, it’s rarely about “us” any more; it’s about them and their reach for power. Now as 2012 approaches, it won’t be long before the worn and torn American dollar becomes the catalyst that sinks the shaky boat that carries the world’s money supply. The system is overloaded and hopelessly corrupted under the weight of debt and computerized derivative contracts, a situation that is now out of control.
At the center of the next economic earthquake will be the unregulated and very profitable derivative contracts denominated in dollars. The first tremor occurred in 1998 when there were $50 trillion in contracts outstanding. Russia defaulted on its debt and that incident caused a magnitude 4economic earthquake. The Federal Reserve had to reduce interest rates four times to contain the damage. That was followed by the housing bubble in 2007 (magnitude 7). No one went to jail and now, as we move forward to 2012, derivative contracts are valued at $1.4 quadrillion equal to $206,000 for every man, woman and child on the planet. A sum so huge that it is equal to 100 times all the money on deposit in the nation’s banks. Not one penny of that amount went to creating jobs, assisted in the economic recovery or otherwise helped the millions of American’s in need. It’s just simple basic math and greed that is being ignored by the President, the Secretary of the Treasury, the Chairman of the Federal Reserve and both parties in Congress.
Exclusive: Susan Molinari to head Google’s D.C. office
Molinari joins Google from Susan Molinari Strategies, a government affairs consulting firm. When Molinari represented Staten Island in Congress from 1990 to 1997, she was elected to the House GOP majority leadership, making her the highest ranking Republican woman in Congress.
Former Sen. John Sununu, who overlapped with Molinari in the House, said in a phone interview that she is “quick and sharp” and will be a big asset to Google. …………………*WHY DID JOHN LEAVE?*~jude
“The Google office in Washington has not had someone with the visibility of a former member of Congress, and with her understanding of the complexities of the legislative process,” Sununu said, “Google is receiving a higher level of scrutiny. … When you’re such a large and growing company, you have to have a strong, visible, capable leader in Washington.”
Actually it began a long time ago. Secretively, the skirmishes began in plush back rooms, with just a few of the “Elite” of the world, plotting on how to take over and make the planet serve their purposes. Their motto? Serve or be served. They are the Powers That Be and they certainly don’t intend to serve us.
Now they’ve decided to include the rest of us in the game.
This all sounds very dramatic. It sounds like something from a really good spy flick or a supernatural battle movie, where good always wins in the end, no matter what the odds. You can almost picture the players…..the good looking hero and his beautiful sidekick, the scowling villains, heads surrounded eerily by the wafting smoke from their cigars. Film noir at it’s finest, a thrilling ride that is over in two hours and 10 minutes, with justice firmly reestablished.
This isn’t a movie, though. It’s not just life in the United States – this is the world over. The end-game of the PTB is near, and we must now all pick a side. The choices are defined. We are now pawns in the game, being moved around the big golden game board by the richest most powerful 1% of the world’s population. We are the toys of spoiled sociopathic children with armies.
You can’t opt out – participation is a requirement.
To date, 8 Presidential candidates, 4 Governors, 12 U.S. Senators, 35 Congressmen, and over 120,000 citizen activists have signed the Cut, Cap, Balance Pledge to not even consider raising the debt ceiling unless Congress first passes significant spending cuts, a spending cap, and a strong balanced budget amendment.
With last evening’s debt ceiling talks between President Obama and congressional leaders ending in disarray, it is time for us to TURN UP THE HEAT!
That’s why this Thursday, July 14th at noon locally Americans across the country are joining the fight to save America by dropping off the Cut, Cap, Balance Pledge at their elected officials’ district offices and asking them to sign the pledge.
If so, please go to www.CutCapBalancePledge.com/OfficeBlitz to find the address of the district office closest to you for your U.S. Representative, download the Cut, Cap, Balance Pledge, and drop off the pledge at noon on Thursday, July 14th (or another time that is more convenient for you).Then forward this email to five friends and ask them to join you in this critical office blitz to save America!
CFTC Commissioner Bart Chilton has hit back at Republican plans to delay for 18 months all rulemakings involving derivatives under the Dodd-Frank financial regulation law.
Four Republican lawmakers on the Financial Services and Agriculture committees are pressing for legislation to extend the deadlines for fear that the reforms could weaken US market during a time of economic recovery.
While the prospects of the proposals being passed are small, CFTC Commissioner Chilton says such legislation is not needed.
“Regulatory reforms are important to implement correctly, but they are also time-sensitive,” he says. “Hundreds of trillions of dollars in trading remain completely unregulated. It is exactly this “dark” trading that helped lead to a hideous bail-out paid for by taxpayers.”
While acknowledging that regulators may be unable make every deadline required under the reform bill, Chilton adds: “The urgency Congress has already placed on getting reforms implemented is just as important today as it was when this good and needed legislation became law.”