Tuesday, June 18, 2019 10:48

Posts Tagged ‘crony capitalism’

The inmates are in charge of the nuthouse. On second thought, they ain’t so crazy after all – just guilty as all hell.

Wednesday, December 21st, 2011

– Wiccapundit

If you want to know why your Wiccapundit no longer speculates in the stock and commodities markets, and instead invests exclusively in lead and brass (*wink*) for long-term gain potential, look no further than the widening cesspit that is MF Global.

As Market Ticker and Zero Hedge have pointed out of late, and Ann Barnhardt shows today, the financial markets are like a casino where when you bet wrong, you lose, and when you bet right, you lose.

The two big shitburgers of late: (1) The bankruptcy trustee in the MF Global Chapter 7 proceeding SEIZED physical bullion of MF Global’s customers; bullion that they paid for, took actual delivery of, have serial number receipts for specific bullion bars of, that they stored in bonded warehouses and have paid receipts for storage fees for.  (2) The MF Global bankruptcy was filed as a Chapter 7 for a SECURITIES dealer, not for a COMMODITIES BROKER, which MF Global actually was.  The difference?  Under Subchapter IV of  Chapter 7 of the bankruptcy code (the proper section for a commodities broker bankruptcy), the customers are first in line.  Under the section for securities dealers bankruptcy, the CREDITORS are first in line.  Can you say J.P. Morgan?

As Ann has said before, if you think you actually own something in this environment, YOU DON’T, unless you can physically stand in front of it with a weapon in your hands to defend it.

Forewarned is forearmed.

Molon Labe.

 

Share

Obama’s Watergate

Friday, September 2nd, 2011

– Wiccapundit

At least, that’s what I’m calling it.  It’s just that there are so many scandals to choose from: Pigford, Fast & Furious, etc. ad nauseum.  But the one he should be tagged with is Solyndra.  Say it with me: SOLYNDRA.

What the hell is Solyndra?   A manufacturer of solar panels touted by Teh Prez as being a sterling example of what public-private partnership can do in creating “green jobs.”  Yeah, well the only green in this story is the cargo-ship-sized mounds of public money squandered on another bullshit environmental fetish project run by tied-in Obama cronies.  Remember the Left during the Bush/Cheney years always screaming “BushCheney!  Halliburton!! Eleventy!! 11!!”  Halliburton were a bunch of pikers compared to this crowd.

Solyndra:

1. Recipient of nearly a half billion in low interest (try 1.374% to 1.731%) taxpayer-backed Federal government loans.    2. Company now in Chapter 11 bankruptcy.  3. Major billionaire investor in company was a major Obama campaign fundraising bundler.  4. Neither the Treasury Dept. nor the Office of Management and Budget will provide Congressional investigators with requested documents concerning the loans and how Solyndra obtained them.

Nothing to see here; move along.

Read the whole story at Verum Serum.

This is crony capitalism at its most disgusting.  Say the word loud and long: SOLYNDRA, Obama’s Watergate.  Say it often enough, and maybe it’ll get some traction.

UPDATE:  Solyndra raided by the FBI.   This just gets better and better.

 

 

Share