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Monthly Archives: January 2011

As difficult as it is for me to believe (think very difficult)…the Goldman Sachs-AIG scandal looks like it is going to be called back out for another encore. But that’s not all!….If the 100+ comments (so far) at the Huffington Post; (all expressing outrage BTW) (lol) is any indication then even those people who don’t really understand what happened, are going to get one more opportunity to have it explained to them because there is no question in my mind that the people who do understand what just happened to them are really freaking mad about it. What we are about to discover is:

1. There was a scandal during the economic meltdown (You have got to be kidding!)

2. Goldman Sachs was in the middle of it lining their own pockets with our tax dollars to the tune of billions of dollars.(Shocking!)

3. The government (Geithner) and Goldman made secret deals we are just now finding out about.

4. Goldman managed to come out of the biggest economic meltdown in 80 years with 100 cents on every dollar … a fact that in and of itself is scandalous because it was all done in secret and because it was done at all.

5. Evidence released this week in the FCIC report tells us the scandal is worse than we think ….and not only was Goldman Sachs paid 100 cents on the dollar by way of the taxpayer bailout of AIG … there is really no chance that they didn’t do considerably better than 100%….You are no doubt saying “But Cameron …are you saying that they bilked us for more than 100 cents on the dollar ….how is that possible?”

I will tell you exactly how it’s not only possible, it’s an absolute certainty!
Here are some quick background facts to refresh your memories… For starters, take it on faith that there is, and has been, an incestuous relationship between Goldman Sachs and the Obama administration since its inception. Not just your garden variety incestuous relationship either ….but one that goes so far as to make the players involved, all almost interchangeable Recall that former Secretary of the Treasury Paulson came from — Goldman Sachs where he was its chief. Recently in the New York Post, Michelle Malkin wrote a good article called “All the President’s Goldman Men” listing the usual suspects like Larry Summers, Timothy Geithner, Rahm Emanuel, Gary Gensler and Mark Patterson etc. etc. the list extends all the way to the Supreme Court …yup Fred Flintstone herself has Goldman fingerprints all over her.

Here is the part that most people don’t understand: back before the proverbial poop was hitting the fan, Goldman let it be known that they were on with AIG for approximately 20 billion in trades where they’d bought themselves ‘insurance’ on some icky, yucky, smelly mortgage products they were currently holding. Goldman went on to say they assumed the total amount of risk this position represented was somewhere around .50 on the dollar… or about 10 billion. With me so far?
Good …

Of that 10 billion, 7.5 billion was fully collateralized by assets of AIG held by Goldman leaving only 2.5 billion of that assumed risk …naked (so to speak). Goldman, being Goldman, protected this last amount by buying CDS’s (Credit Default Swaps) on AIG, but they made a special point of buying these CDS’s from various other highly rated banks. Pay close attention because this was a very slick play … By doing it this way (buying the CDS’s from major banks) any default by AIG would be a serious problem for those banks and not Goldman …say that again…. therefore not only were they able to truthfully say things that really weren’t… if AIG did default, they (Goldman) would not be at risk…which created a set of circumstances and counterparties ensuring that an AIG default would set in motion repurcussions that were a threat to the entire system. Goldman would squeeze the banks they bought their insurance from and those banks in turn would make demands of AIG. By adding these extra layers of people and involvement into the equation, the impact would be far reaching and systemic … does that make sense? Due to the strategy they chose to utilize in hedging their positions Goldman was both fully protected and also “1 off” the position of the bad guy should everything come tumbling down. Sort of like when you were a child and you knew you were in big trouble as soon as you got home so in hopes of deflecting and diffusing some of the punishment that was headed your way you would try to enlist as many of your friends to go to your house with you to soften tha initial blow. A good analogy would be that they weren’t on the front lines of the people who would have their hands out in the event of a default … instead they lurked with their hands working the strings controlling the banks they used as puppets, proxies, and shields.

They didn’t have to be able to squeeze AIG directly when all they had to do was squeeze the banks they bought the CDS’s from who in turn would be the one’s squeezing the life out of AIG. They had all of the power and none of the exposure (or bad press …at least not then) but most of all by infecting as many others by involving them in their hedge strategies and the potential systemic failure those numbers represented they were able to demand from their old colleague Tim Geithner 100% on the dollar with the alternative, should anyone try to offer them less ….the ability to start the dominoes falling that would end up with the end of AIG. So when we bailed out AIG’s bad business practices to the tune of 180 billion dollars (80 billion of which was the total of AIG;s CDO’s exposure of which 33 billion had been brought into existence by Goldman) first in line with their hands out were the banks who were the counterparts to Goldman’s CDS’s. Follow? Good, because these facts are pretty much admitted by everyone AND because we are getting to the good part.

What I was harping about in my earlier rants on this topic was this:

AIG didn’t default….because we stepped up and infused the 180 billion (total) to cover their markers

What was remarkable at this point was Goldmans statements …under oath …that it didn’t personally profit from any government bailout money …which was remarkable because it was also not truthful. Soooo, If there was no default then those CDS’(totaling 2.5 billion of insurance remember?) were still tradable and valuable securities … so what Goldman had post bailout was all of their money back PLUS they retained ownership of 2.5 billion dollars of “protection” against an AIG default … now ask yourself this …after the world almost came to an end causing us to be required to step up and fork out 180 billion dollars of additional vig to AIG , would you guess that those CDS’s (representing 2.5 billion of get out of bad decisions free cards) went up in value or down in value? … If you guessed up …and sharply up ….up so significantly that you may even say they rocketed up … Then you would be 100% correct… How far up did they rocket ? …over 50% (is all)! i.e. 2.5 billion would have then become an additional 1.25 billion in the money!

So what did Goldman do? …

Before we get to that let’s recall the incestuous relationship they shared with the fed and the Treasury etc. of the Obama administration. When all of this was going down Goldman was actively involved in all of those high level discussions over what to do with AIG etc. They new how the game was going to end before it was played which is fine right up until they used that information (inside information) to impact their trading decisions INCLUDING whether or not they should sell those CDS’s at a huge profit or keep them just to make sure.

Now back to the question of what did they do? …

They took profits of course…

and in doing so they broke the law 100 ways from Sunday. And by taking those additional billions in profits they were legally not allowed to take ….they not only were covered 100% on their trading position …(and many others weren’t…to say the least) they also made a huge profit from the economic meltdown they had helped bring about. And those profits all came from one place …Our Taxes!

If you aren’t really angry right now then you still don’t get it and you need to go back and read through this again or take my word for it and just get mad anyway!

Intermixed with all of this are the gratuitous lies and subterfuge that we get to wade through right now with the release of the FCIC report including this little revelation: Before last week Goldman had stoically and adamantly maintained that they had not profited themselves but it was their customers who had banked the full payoff from Uncle Sam…the FCIC report contradicts those claims because billions of dollars in profits were Abacus trades …a.k.a. trades Goldman insured with AIG which were principal positions and not for their client accounts…. DOH!

Allen Alley unamimously elected to chair Oregon Republican Party by In the news Sunday, January 23. 2011

Oregon Republican Party

Clackamas, Ore. – In a strong showing of Party unity, members of the Oregon Republican State Central Committee (ORP) unanimously selected Allen Alley of Lake Oswego to chair the ORP at its biennial Organizational Meeting on Saturday.

“The ORP has in years past seen hotly contested elections for State Chairman. Not this year. Republicans are united in support of Allen Alley and moving into the Presidential election cycle with unity and purpose,” outgoing Oregon Republican Party Chairman Bob Tiernan said today. “Allen’s leadership style has done much to unify the Party. I can’t remember when a candidate has attracted such broad support, especially in an open seat election.”
Chairman Alley was a Republican candidate for Governor in the 2010 Primary and was elected as the Republican nominee for State Treasurer in 2008. He has an extensive business background in multiple disciplines from engineering to marketing, venture capital, entrepreneurship, and public service.

As he was elected Chairman, Allen Alley said: “Oregon has every advantage imaginable. Yet, we are among the leaders on several lists you don’t want to lead: unemployment, hunger, homelessness. As the Chairman of our great Republican Party, I will rely on our shared values of entrepreneurship, private sector job growth, personal freedom and responsibility, and accountable government to solve these issues.”

CONTINUED HERE AT THE SOURCE

Here is an interesting post from Isaac Laquedem’s Blog talking about some of the troubling things that have been discovered during recent inquiries into the 2010 midterm elections. Of those issues, clearly the worst has been the discovery of 30-50,000 blank ballots in Mulnomah county which were left over and sitting in boxes in some backroom over 1 month after the election. Oregon law is very clear on this issue and requires that any unused ballots be destroyed the second the polls close at 8pm.

The legislature put that language into the statutes for very specific reason(s) …all of which are good. The existence of blank ballots after the voting has ended allows for the integrity of the results to be questioned as it gives the appearance that they are being held on standby in case the wrong person is going to win. Whether those ballots are used to ‘fix’ an election or not, why should the elections office want to allow for the possibility? The person to ask appears to be Kate Brown, Oregon Secretary of State, who has tried, not once… but twice now to have that part of the statute stricken. My thinking here is simple: If the legislature put the language in the statute, and the reasons for it are good, and with no compelling argument as to why the law should be changed, then it should be left alone.

Generally when an election law is broken, someone gets prosecuted and/or reprimanded, and/or fired, or all of the above…in this case none of those things have happened…why? What has happened instead, is the democrats; who have a long and storied history of election fraud to draw upon, are trying to change the law… huh? Here is Isaac’s story on this issue that we need to make ourselves heard on…

This is a very important issue that everyone needs to pick up the phone and call someone on. The questin I keep flailing around trying to find an answer for is this: Why would anyone want to go to the trouble of taking the safeguards out of a law that protects the integrity of our elections if they didn’t have some reason for doing it? Here is Isaac’s article on this same issue:

Multnomah County flouts ORS 254.483, and Kate Brown steps in to get the county off the hook

ORS 254.483 is an obscure bit of Oregon’s elections law. It requires county clerks to destroy all unused ballots promptly after 8:00 p.m. on election day, to provide for the security of unused ballots, and to account for all unused ballots. The purpose for destroying unused ballots promptly when voting closes is straightforward: if all the unused ballots are destroyed, then they can’t be used by fraudulent voters after the election closes.

Multnomah County, apparently, doesn’t obey this portion of the law — stacks of unused ballots were filmed in the county’s election headquarters two weeks after election day — and that may be the reason for introducing House Bill 2256 in this session of the Oregon legislature. CONT”D HERE AT THE SOURCE

Does anybody remember these remarks from not too long ago?

‘Those of you who’ve posted about Comcast meaning the end of my show or Rachel’s can, I think, relieve yourselves of such concerns….Whatever else you think of these guys, they are not in the habit of saying “a billion in profit over the next five years? Who needs it! Cancel the shows that generate it! (Oh, and let’s keep paying both of their salaries, too).”

Yes those are the words of Keith Olbermann…. who was fired yesterday from the airwaves at MS NBC. Of course those of us who have been anxiously waiting for Comcast to take over this comes as no surprise. Shortly after Olbermann’s canning was announced Mediaite issued the following story giving us their take on the dismissal:

MSNBC executives have long planned for the day the network’s star might be sent packing, and the rise of Rachel Maddow at MSNBC–along with the grooming of Lawrence O’Donnell as a potential replacement for Olbermann–appears to have hastened the host’s departure

While Olbermann and his iconic Countdown have been immensely important in the resurgence of MSNBC, Olbermann’s friction with management has been a sticking point. At many points–including the recent suspension over political contributions–tensions rose so high as to lead to serious discussions inside MSNBC about firing their star.

With Maddow enjoying both immense popularity inside MSNBC and very strong ratings for her Rachel Maddow Show, Olbermann’s invincibility as the heart and soul of MSNBC’s brand became softer. In recent weeks, sources tell Mediaite there have been meetings on the topic of Keith Olbermann and his future at the network. Did Comcast–as many Countdown viewers seem to suspect–order Olbermann out? It appears that the end of the Olbermann era at MSNBC was not “ordered” by Comcast, nor was it a move to tone down the network’s politics. Instead, sources inside the network say it came down to the more mundane world of office politics–Olbermann was a difficult employee, who clashed with bosses, colleagues and underlings alike, and with the Comcast-related departure of Jeff Zucker, and the rise of Maddow and O’Donnell, the landscape shifted, making an Olbermann exit suddenly seem well-timed.

For those of you who would like to see his parting words CNN has them for you here

it was only weeks ago that Keith Olbermann was calling for Sarah Palin’s dismissal from politics.

Now Olbermann has been dismissed from the airwaves.

This is what is called poetic justice.

I haven’t seen the actual poll anywhere (haven’t really had time to look) From what I read (possibly at the most exclusive females only private group on Facebook I belong too which shall remain nameless (OK …it’s “The Christie Chicks” darn you beat it out of me) Governor Christie was the only GOP candidate who beat Obama in some election simulations being run with a look towards the 2012 presidential race.

My point is this: While I certainly didn’t like who the source for this news was (Atlas Shrugged) … I would have preferred it coming from someone like Keith Olberman or the Rachel the “Mad Cow” “Plaid jacket” Maddow, instead of someone who’s thinking I have grown to trust. Still as we roll into the start up phase of the ramp up to the next big national election, and recognizing Obama as the “Obreption and Subreption of Deception” that he is (in a classical community organizer way reminescebnt of most members of the anti american, “Saul Alinsky” school of political thought.

The lesson we must come away with from this latest scare concerning Governor Christie is this:

1. We the truth prione to manipulation and dissembling we need to never jump to conclusions and get sidetracked from our mission

2. We need to be constantly vigilant and suspicious of news of this nature especially when it concerns one of the good guys who plays for our team and who has always batted exclusively right handed.

3. keep reminding ourselves that the only thing we can be certain of with Obama, is that nothing is ever as it seems, especially if it benefits Obama (like this news does), or the left.

Finally…

“And may it be said of us, both in dark passages and in bright days, in the words of Tennyson that The Christie Chicks quote and love, and that have special meaning for us now:

“I am a part of all that I have met
Tho much is taken, much abides
That which we are, we are
One equal temper of heroic hearts
Strong in will
To strive,
to seek,
to find,
and not to yield.”

This campaign is not ending here today …in fact it hasn’t really begun

For all those whose cares are our concern,

the work goes on,

the cause endures,

the hope still lives,

and the dream shall never die”

For over 2 years now, I have had the honor and privilege and fun of participating in countless, and often times challenging, discussions on every topic imaginable.

It’s amazing to see the energy and passion people are willing to invest in an online comment or post they have put some thought into and spent some time crafting to make a compelling point, (or I have crafted for them to read) all while listening to that little voice inside of my head telling me that no matter what you say, and no matter what is really true…you are never going to let anything I say, or explain, or do, change your opinion about anything…and I am not the only person who thinks this way either …in fact most of the people I have asked have agreed. There have been almost as many times where I have been asked if it were possible for me to consider what they had to say objectively? Or was my mind made up? Of course I would promise it was no problem …I could be objective etc. while at the same time in the back of my mind I was saying to myself …There is No freeking way!

Well …I guess I wasn’t lying after all…because apparently I was capable of being objective enough and willing to consider another viewpoint enough, that someone did.

By now you are probably sitting on the edges of your seat, wondering which important principle or value I sold out on …right?

Well…Don’t get too excited …It wasn’t one of my Top 5 Marquee Values or Beliefs(like abortion, gay marriage etc. nothing like that) OK…Here it is: Ever since I moved to the US full time about 7 years ago…living in the Bay Area…listening to the hometown conservative: Michael Savage… and since I lived alone my first year i would often times turn on the TV to keep me company late at night while I studied. The ad rates must be really cheap at 2:00 am and somewhere between every commercial and every other commercial was an attorney or a law firm advertising for that weeks latest accident victims or bad marriage victims or newly in trouble bad criminals … I got to the point where I was certain I would recognize 100 attorneys on sight, walking down the street, and could recite their entire ad from memory …OK maybe it might have been only 50…. but you get my point right? It was alot!

Everybody at one time or another has laughed when they are told about about law firms with names like, “Dewey Cheatum and Howe”… and who hasn’t laughed at the mental image they see in their heads when someone refers to an “ambulance chaser” or you tell or listen to the latest funny lawyer joke etc. ..right?

After a month or so of watching these non stop ads…I quickly figured out that there were requirements that had to be met in order for a man to become one of these narcissistic, late night, TV star attorneys. First and foremost they had to be either short, fat, and bald… or, short, fat, and wear a bad toupee, they were required to wear a really bad suit. In fact, there was one 6 month stretch, I was pretty certain all 50 of them were sharing and wearing the same shirt, tie, and suit. There were nights I would laugh until I cried …You probably had to be there! Don’t worry and stop reading…it doesn’t change the story if you were there or not.

What I told myself back then which has sustained me through the last 5 years or so is this: No matter what any attorney ever says or does in the future ….There is NOTHING they could possibly do or say that could make me think less of them than I already did… seriously… these late night, electronic ambulance chasers in their bad suits with their hair (if they had any) all slicked back and pleading with people to call them right away 24/7 …even offering to meet them at their house, or at their hospital bedside…

They had no pride and they knew no shame!

Well, that opinion is no longer true and it was changed by the comments of several other people online at the Oregon Live board. It’s my fault for being wrong …I shouldn’t have underestimated their ability to sink even lower than I thought possible.

Read on….

This story is one that I think really needs to be discussed and not buried and forgotten. The story the Oregonian had published was about a man who had been sexually abused over the course of several years by a now deceased, man of the cloth. As much as I loathe admitting that it’s true; because as a devout, practicing, obedient Catholic, I take any attack on the Church very personally. The story made it clear …there is no question that this man was a legitimate victim of “Catholic priest-gate” and had suffered tremendously because of it. When the stories started to break in the newspapers and people started to come forward he did what the rest of them all did …he hired an attorney to sue the Church. Here is the very quick chronology of events:

1. He found an attorney (“Attorney 1”) (it’s important to say up front since he is a friend of mine, that neither one of the attorneys in the story were Kelly Clark who’s principled and professional (and did I mention …also successful) advocacy for alleged victims of sexual abuse by members of the clergy and leaders of the Boy Scouts have made him one of the most prominent and recognized attorneys in the area on this topic) and signed a contingent fee agreement to sue the Church on his behalf which he did for the next year or so the victim retained an attorney and signed a contingent fee agreement to sue the Church on his behalf which he did for the next year or so …then unhappy with the progress of the case

2. Once again after well over 1 year (maybe even two) of his case pending he fired Attorney #1 and hired Attorney #2 …Apparently he didn’t sign a retainer agreement with #2, but agreed verbally to a split of 60/40

3. 3 days after Attorney #2 (with no doubt really really good stationary) enters the picture …he settles the case for $900,000.00.

4. Attorney #2 puts the money into his ‘trust’ account and takes his 40% off the top (for his days work) and refuses to ‘split the fee’ with Attorney #1

5. Fast forward to today…which by the way I think it’s an important part of this story to tell you is just over 7 years after Attorney #2 deposited the 900k into his trust account.

Are you sitting down? Good!

6. Of the 900k paid by the church to settle the case (the original 900k) guess how much of it went to pay his legal fees? ….ok…Now guess how much of the remaining balance of the money has been paid to the man who was victim in this case?

7. The answers to the two questions in #6 above are:
a) The total of this man’s Attorney fees totaled… $877.000.00
b) The total the amount the victim has been paid out of his settlement 7 years after the case was settled and paid? …Zero!

The newspaper contacted a few other legal professionals and a spokesperson for the Oregon State Bar and their main concern about this was the ‘possibility if a story like this got out there it could cast attorney’s in a negative light” …Really? Do you think? After reading about the treatment this vulnerable and trusting man who endured years of sexual abuse….got from the these two members of the Oregon bar …How could I have not thought less? How could anyone possibly think less of what attorney’s have been slowly doing to our system?

My question…other than ..what do you think of this outcome.. is to draw attention to the fact that somehow attorneys have managed to exempt themselves from state oversight, accountability and punishment mechanisms when things like this happen …and they happen ….although maybe not to this degree) all the time. We have allowed only attorneys to avoid the type of scrutiny we require of everyone else, trusting them when they tell us that the Bar will be responsible for policing their own ranks …in private. Have we lost our minds?

For anyone who was wondering how long it was going to take for the gays to demonstrate some of the reasons the repeal of DADT was a bad idea for the Military and for the USA …you can relax already. Today, Admiral. John C. Harvey Jr., Commander, United States Fleet Forces Command (USFFC), permanently relieved Capt. Owen Honors of his duties as commanding officer of USS Enterprise (CVN 65) for demonstrating poor judgment while serving as executive officer of that ship…4-5 YEARS AGO

The only thing that is worse than the poor political decision made by Adm John Harvey is the fact that it took 4 years to get the intel on this subject. We are fighting wars and to penalize someone years later for improving morale (however it was done) is ludicrous. What a sad military force we’ve become when “sex” jokes are not allowed but we are expected to kill the enemy and defend our country….just don’t joke about it. And yet a Commander-In-Chief of the US Armed Forces can get a bj in the Oval Office, lie about it under oath and not only survive but see his popularity rise as well as the swelling in his pants.

Congratulations! Do you people not understand that these are soldiers in the military?? Warriors? By definition they are NOT politically correct and due to the thankless services they perform and the nature of those services I could care less what they call gay people. If you think you are able to overlay the same expectations society has for itself onto the military, then you are in for a rude awakening …The last thing in the world I want is for the gays and lesbians to start in on trying to redefine what is and isn’t appropriate for our military to use for training …the way they all were thinking you needed to redefine marriage for all of us… (While at the same time telling us they weren’t trying to redefine marriage).

All of you foolish foolish people who think our military is some sort of a big social experiment and who thought DADT was a good idea…If nothing else …thank you for at least being consistent ….consistently on the wrong side of every single issue where you are required to make a choice between your own bizarre sexual choices and what’s best for the USA. Please don’t forget that everyone also has the right to NOT tolerate certain behaviors.

Captain Honor’s: A top, highly respected military officer has now been singled out, and is having his entire career of honorable military service to our nation, literally torn to shreds by a bunch of politically correct and vicious prigs who, in reality, are on a mission to force every living breathing person who still has a sense of humor, has a working moral compass and are nothing but power-hungry thugs Today’s casualty of the lunatic left will be very difficult to replace

Captain Honor’s military record is beyond impressive and borders upon embarrassing. In his career he has: 3,400 flight hours in 31 types of aircraft with more than 700 landings on 15 carriers. He has flown 85 combat missions in three different theaters. He is a recipient of the Legion of Merit, Bronze Star, Defense Meritorious Service Medal, Air Medals, Meritorious Service Medal, and various campaign/unit awards

What’s next? I am willing to bet big that what we will see is a push for a massive program of “sensitivity training” — i.e., pro-gay propaganda that combat arms guys typically don’t believe and that is contrary to the beliefs of the many Christians among our warriors.

Gays and some other juveniles running America beyond Captain Honors need to grow up quickly……Otherwise, the American people themselves may mature into enough wisdom to understand how the censorship of Left Wing Political Correctness is killing their once beloved America as a society of free adults. If they do, there will be anger and unhappiness. Intolerance can last for awhile but not forever.

Our enemies are laughing their butts off right now as they watch the US depose proven combat commanders at the behest of leftist politically correct cowards that don’t have the cojones to wear the uniform into battle. I$lamist jihadists will have no problem conquering the PC jellyfish that infest the pentagon these days. America is doomed as long as we allow these chicken-$hit morons to subvert our fighting forces…The military gay got their first scalp, Here is a quick question for you :
What is more egregious?

When a gay or lesbian officer makes unwanted sexual advances on her juniors, or when an officer uses the word ‘fag’?
I guess we know now

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