Bill Moyers

Click here for Bill Moyers’ third of five series on Big Banks and the Financial Collapse entitled How Big Banks Are Rewriting The Rules Of Our Economy. Another great investigative report from Mr. Moyers and his team. The interview with John Reed, former Citigroup Chairman of the Board, is worth watching alone. If you remember, the Citigroup merger was the reason for the dismissing of Glass-Steagall.

The true irony here is the Mr. Reed’s father lost his entire savings in the bank failures of the 30’s and he said that his father would die again if he knew he was working for a bank. No, I think his father is turning over in his grave because the deal his son was involved in negating all safeguards to protect saving accounts, and now, 401ks and IRAs as well. Oh, the irony! Mr. Reed says “We got carried away.” No one will take any responsibility for anything. It’s the American way.

The best part of the show was at the end, when Bill responds to an email from a viewer regarding last week’s show. Groovygirl has a renewed hope in America news reporting. Mr. Moyers responded that his job is to report what has/is happened, not modify his story to get a party elected or not elected. It seems Mr. Moyers has grasped the reality of the situation, we are way beyond political parties saving the day.

Groovygirl loves Bill Moyers!!

Update on MF Global crime scene

Click here for an update on the MF Global crime scene. Macavity…..he’s not there.

Missing funds, now not missing, but vaporized. Could be more than $1.2 billion. Surprised?

Because money simply vaporizes. Which means one of two things: i) the “vaporization” is merely the phrase that so called investigators use to avoid the far more troubling sounding “stolen” as it would imply guilt, something which the former NJ governor and Goldman CEO (and not to mention JP Morgan which most likely was on the receiving end of the $1.2 billion + transaction) will, under guidance from counsel, sternly disagree with, or ii) the capital markets are such an unprecedented and manipulated fraud, that nobody has any clue at any moment, where any client money is, and that any residual capital still “invested” in mythical representations of “assets”, which are likely rehypothecated so many times, that not even Bank of America’s robosigning division would have a clue where to start unraveling, will promptly be converted into tangible manifestations of capital. So when someone asks what happened to stock market volume, and to investor confidence in the “stock market” feel free to use just that phrase: “it vaporized.”