Former bank regulator and S&L accuser Bill Black so enrage Charles Keating, that he was actually put on a Keating hit list (see the video). Recently he worked hard to elect president Obama, but says (at around 17:40) of the new bosses economic policies that first they are substantively bad, second they completely lack integrity, and third they violate the rule of law.
If you think about the the scale of the scandal along with the lack of outrage then you get an idea of just how bad it is.
Most of the video is a rehash of the points of this bolg, AIG, MER conduits, ect..
1.By a full position we mean 100 shares of a stock: So,, a 1/4 position is 25 shares if you have 100 shares of a stock or it's 100 shares if you hold 400 shares of the stock.
2.The Plunger Protection Team (PPT): This refers to the cabal consisting of among others secretary of the Treasury, the chairman of the Federal Reserve, the chairman of the SEC and the chairman of the Commodity Futures Trading Commission. Officially known as The Working Group on Financial Markets, it was created by Ronald Reagan to prevent a repeat of the Wall Street meltdown of October 1987. But on Wall Street no good thing goes uncorrupted.
3.Ponzi Unit or Ponzi Finance Unit: A business unit whose interest charges of a business unit exceed cash flows from operations of that unit.
4.Ponzi Finance: A method of finance (borrowing) where repayment of debt is achieved by the issuance of new debt. e.g. payment of a monthly credit card bill with another cerdit card.
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