Tweet
P.S. Financial Fraud vs Financial Coup d’etat
By Catherine Austin Fitts - Scoop Independent News (11 Dec 2007)
As I write to close the Scoop Media serialization of “Dillon, Read & Co. Inc. and the Aristocracy of Stock Profits”, the corporate media is unfolding daily revelations regarding the sub-prime mortgage market “crisis” and accelerating decreases in bank liquidity and equity.
In the news today is the announcement that UBS, the Swiss bank that bought Dillon Read, now totals its mortgage market losses at $10 billion. These losses began with write offs earlier this year by its recently launched hedge fund, ironically named Dillon Read Capital Management.
Also in the news are the latest efforts by Andrew Cuomo, now Attorney General of New York, to subpoena Wall Street perpetrators of the mortgage bubble that apparently got under way – depending on the account you read – in 2001 or 2004. We seem to have somehow missed that the criminal mortgage patterns that we are watching has been growing for decades. We seem to be missing the fact that the latest cycle began in 1996 as part of the ‘strong dollar policy” and that Mr. Cuomo and numerous other current players and their organizations were leaders in starting and building the current mortgage markets and losses.
If you step back and view the current events as the latest pump and dump of the US real estate market (like the S&L crisis and others before them), you will shed a different light on the current players and their roles. You will also shed light on the fact that the investment model we are watching is far from new. Indeed, it is quite old and continues to be quite successful for those who know how to exercise it and its many privileges.
.
.
.
(contd)
By Catherine Austin Fitts - Scoop Independent News (11 Dec 2007)
Driving through New Jersey, Nitze [asked] Dillon if he thought the market decline an omen of hard times ahead…. Dillon thought for a few minutes and replied, “ I think it presages the end of an era.” By this Dillon meant that what lay ahead was not merely a period of retrenchment, after which affairs would be conducted as before. Rather, the world was in for a major overhauling of institutions.
– Clarence Dillon and Paul Nitze in 1929
There is a fundamental difference between financial fraud and warfare implemented by financial means – a financial coup d’etat, if you will. For citizens and investors trying to navigate current events and markets, it is well worth pausing to gain perspective on current events and contemplate which type of event we are experiencing.– Clarence Dillon and Paul Nitze in 1929
As I write to close the Scoop Media serialization of “Dillon, Read & Co. Inc. and the Aristocracy of Stock Profits”, the corporate media is unfolding daily revelations regarding the sub-prime mortgage market “crisis” and accelerating decreases in bank liquidity and equity.
In the news today is the announcement that UBS, the Swiss bank that bought Dillon Read, now totals its mortgage market losses at $10 billion. These losses began with write offs earlier this year by its recently launched hedge fund, ironically named Dillon Read Capital Management.
Also in the news are the latest efforts by Andrew Cuomo, now Attorney General of New York, to subpoena Wall Street perpetrators of the mortgage bubble that apparently got under way – depending on the account you read – in 2001 or 2004. We seem to have somehow missed that the criminal mortgage patterns that we are watching has been growing for decades. We seem to be missing the fact that the latest cycle began in 1996 as part of the ‘strong dollar policy” and that Mr. Cuomo and numerous other current players and their organizations were leaders in starting and building the current mortgage markets and losses.
If you step back and view the current events as the latest pump and dump of the US real estate market (like the S&L crisis and others before them), you will shed a different light on the current players and their roles. You will also shed light on the fact that the investment model we are watching is far from new. Indeed, it is quite old and continues to be quite successful for those who know how to exercise it and its many privileges.
.
.
.
(contd)