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I'll pass on Warren. The vid shows just how ineffectual congress really is.

Warren rightly highlighted that the scumbags at Wells Fargo should have been removed, and Yellen had the power, and did not do so.

It also highlighted the fact that Yellen would not reveal "confidential information to congress"'.

The fed is a private organisation run by the big banks for the benefit of the big banks.

She presided over some of the biggest scandals of the US banks post GFC , yet did nothing.

Her reward, Treasury Head in the Biden Administration.

Elizabeth Warren is too old, has been found out too many times spouting bullshit (like being part native American) , and is part of the establishment.

In short, another extremely wealthy well connected insider pretending to care about "the poor", but never actually wants to mix with them.

But her biggest failing is that like Kamala Harris, ran for the Dems nomination and was knocked back in the earliest rounds of voting.

If the majority of Dems think that Biden, Sanders, Buttigeg etc el are better bets than those two, it hardly shows them in a great light.

AOC might be a fruitcake, and be totally impractical, but she is at least not "owned" by the establishment.

Mick

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From Wall street on parade

This morning we decided to take a look to see if the SEC was potentially aware of naked short selling in the shares of GameStop – the subject of House and Senate investigations and a hastily called meeting of regulators yesterday by U.S. Treasury Secretary, Janet Yellen, who also holds the position as Chair of the Financial Stability Oversight Council.

 

It turns out that GameStop shows up on the SEC’s list of “Fails-to-Deliver,†a report that raises suspicions (but not conclusive proof) that somebody was engaging in naked short-selling in the shares of GameStop.

 

GameStop’s market cap spiked from $2 billion to $22.6 billion in a matter of days in January. Along the way, a large hedge fund, Melvin Capital, which was short the stock (a bet that the price would decline) had to be bailed out by Ken Griffin’s Citadel hedge fund, while a related company, Citadel Advisors, was also net short the stock. This week GameStop shares have been plunging back to earth. Adding to the cries of foul play, devotees of a Reddit message board, WallStreetBets, who had been hawking GameStop’s future prospects and buying the stock, had restrictions placed on their ability to buy any sizeable number of shares by their favored trading app, Robinhood, which directs the bulk of its trades to Citadel Securities for execution.

 

In order to sell a stock short, your brokerage firm has to loan you the stock. The stock is typically borrowed from the brokerage firm’s own inventory, the margin account of other brokerage firm clients, or another lender. If the price of the stock declines, the short seller can buy the stock back at the lower price and make a profit. If the price of the stock rises, the short seller will lose money. Because there is no cap on how high the price of a stock can go, the short seller is taking on unlimited risk.

 

In a naked short sale, the broker handling the trade for the customer does not borrow or arrange to borrow the securities in time to deliver the shares to the buyer on the other side of the trade within the standard three-day settlement period. This is what is meant by Fails-to-Deliver, also known as simply “fails,†which can be a red flag of naked short-selling.

 

According to the latest Securities and Exchange Commission data for Fails-to-Deliver, GameStop has been experiencing huge fails to deliver since at least December 18, when an aggregate of 872,523 shares had failed to deliver on their settlement date. The figure of fails had been 10,874 just two days earlier, on December 16.

 

The SEC reports the fails to deliver data twice a month. The most recent data runs through January 14 of this year. On that date, GameStop still had an aggregate of 621,483 shares that had failed to deliver.

 

The SEC explains the following about how persistent fails to deliver are to be dealt with under its rules:

 

“Rule 203(b)(3) of Regulation SHO requires that participants of a registered clearing agency must immediately purchase shares to close out failures to deliver in securities with large and persistent failures to deliver, referred to as ‘threshold securities,’ if the failures to deliver persist for 13 consecutive settlement days. Threshold securities are equity securities that have an aggregate fail to deliver position for five consecutive settlement days at a registered clearing agency (e.g., National Securities Clearing Corporation (NSCC)); totaling 10,000 shares or more; and equal to at least 0.5% of the issuer’s total shares outstanding.â€

 

According to Yahoo Finance, GameStop has 69.75 million shares outstanding, meaning that it has not only far exceeded the 10,000-share threshold but that it has also exceeded the 0.5 percent of outstanding shares threshold.

 

It’s time for Sherrod Brown, the new Chair of the Senate Banking Committee, and Maxine Waters, the Chair of the House Financial Services Committee, to do far more than whisper to the SEC, “Do something.â€

 

So, we have a new regime in the White House.

But really nothing changes.

Biden made more executive orders in his first 15 days than the last four presidents put together.

No 22, Eliminating the use of Private Run prisons is probably the only one that might hep the poor.

nothing about governance of Banks, Hedge funds , dark pools, and tax avoidance.

In the meantime, the wealthy scions just keep right on screwing everyone else with the connivance of the governance bodies.

Welcome to the 'New" America.

Mick

Nothing about

 

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they seem to keep popping up

A man will face an Adelaide court after he was allegedly caught driving while disqualified, unregistered and uninsured, and with a defaced number plate featuring the words: "Not Stolen OK".

 

SA Police said patrols spotted a Mitsubishi sedan travelling along a main road and without its lights on in Adelaide's north just after 2:00am.

 

https://www.abc.net.au/news/2021-02-10/sa-d...-plate/13139874

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I have never been a big fan of the ABC in general and Michael Rowland in particular, but in this instance he was perfectly legit.

Rowland asked Mr Hunt “why did he feel the need to attach a Liberal Party logo to an Australian government announcement†last week that it had secured an additional 10 million doses of the Pfizer vaccine.

This was a perfectly legitimate question, but Hunt merely accused Rowland of being a typical leftie.

That may well be true, but it is irrelevant.

The coalition needs to ask themselves why was the logo attached?

Now they have two problems instead of one.

Who said Pollies are dumb?

Mick

 

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So, what are number 7 and no 32 from most popular google searches in the world.

No 7 Is how to delete an Instagram account.

No 32 is How to delete a Facebook account.

 

reckon No 32 will be pretty high on the OZ list.

 

It is most unfortunate that I deleted my FB about 7 years ago, other wise today I would have had great delight in telling that little shit Zuckerberg to shove it, just prior to deleting my account.

 

Mick

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  • 2 weeks later...

The conspiracy folk have repeatedly said that giving up freedoms under the blanket of COVID 19 emergency measureb"were just the thin edge of the wedge".

Well, now the WA Premier, Mark McGown has just given them some more ammunition.

From Todays Australian

 

WA premier Mark McGowan is looking to extend the state’s border controls beyond the pandemic, flagging that approvals and tracking of interstate arrivals may become permanent.

 

Mr McGowan said he was in discussions with the state’s police commissioner over whether the ‘G2G’ system - under which the entry of visitors into the state is logged - could remain indefinitelyHe said the border rules had had a dramatic impact on the importation of drugs into the state.

 

‘We have obviously had a significant reduction in meth usage in Western Australia, part of that is the measures we’ve already taken, our meth action plan but also the border measures,’ he said at a press conference on Tuesday.

 

‘The police commissioner and I will continue to talk about what can be done to protect the state from the scourge of meth and other drugs and if necessary we will look at measures we can bring in should we be re-elected.’

 

He said drug use in WA had reduced markedly over the course of the pandemic due to disruptions of supply, and expanding the border restrictions could help maintain that progress.

 

‘If civil libertarians and the like don’t like that, my argument would be that keeping meth out of Western Australia is very very important,’ he said.

 

The High Court ruled last year that WA’s border restrictions were constitutional due to the pandemic, and Mr McGowan said he would seek legal advice as to whether stopping the import of drugs would be similarly valid.

 

‘Meth is a threat to people’s health and we’ve had a 25 per cent or thereabouts reduction in meth usage, so some of the measures we’ve put in place have worked so we will continue to look at what can be done to keep the people safe from meth across WA.’

 

He said vehicles crossing the border into WA were already searched for fruit and vegetables, and searches could be expanded to illicit drugs.

 

The comments come ahead of the March 13 state election.

 

Looks like the power of incumbency and almost universal approval rating has gone to his head.

I would not cross the border if I am to be treated like an alien.

Mick

 

 

 

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