Occupy Chicago Protesters Arrested at Grant Park

Occupy Chicago protesters, who for several weeks have been stationed across from the Federal Reserve of Chicago at Jackson and Lasalle, have expanded their protest area and on October 15 took their show on the road to Grant Park. With the exception of the October 10 marches and rally on Michigan and Monroe, organized by several union organizations and advocacy groups, the group has remained mainly at their home base, also the home of several of the institutions against which they are protesting.

Continue reading….

The Occupy Chicago crowd is now in their third week and have not stopped occupying the corner of Jackson and LaSalle yet. With the constant protesters, there is also a constant law enforcement presence, which to the Chicago Police Departmen’s credit, has remained civil, if not sympathetic – but they still have to enforce Chicago’s municipal code.

Occupy Chicago movement may have a point

The Occupy Chicago movement has been occupying Chicago’s financial district for nearly two weeks now. Their signs say they represent the 99 percent. For those living under a rock, they refer to the fact that one percent of the country enjoys 40 percent of the country’s wealth. This is not just Warren Buffet, Bill Gates and Oprah Winfrey; this is the heads of the banks and investment houses, CEOs of failed corporations, many of our Congressional and Senatorial leaders, the head of the Federal Reserve, and others who have brought the country to its knees.

Continue reading on Examiner.com Occupy Chicago movement may have a point – Chicago Government | Examiner.com

Do you ever feel like you’re in the Twilight Zone?

Financial news is getting more bizarre by the day. Take today’s new for example.

Citibank’s stock price soared over news that it didn’t lose as much money Wall Street expected it to. The quarterly loss was only $966 million and revenue doubled to $24.79 billion.

Is the $45 billion we gave them since October counted in this?

I know it includes the 13,000 jobs cut in the first quarter and the dumping of $116 billion of assets.

The more entertaining part of this news, was their decision to “delay a proposed exchange of billions of dollars of preferred shares into common stock until the U.S. government completes its “stress tests” of large banks to gauge which might need more aid,” as reported by Reuters.

That seems kind of underhanded to me or am I just being sensitive.

Wasn’t the point of the stress tests to identify banks who will be in more trouble if the economy worsens? How can it be a valid test if they are delaying a major exchange of stocks?

Then there’s the report that the Senate candidates are still raising tons of money for the 2010 campaigns.

Now this is a good one, because despite the horrifying economic situation, the candidates last year raised enough cash to bail out at least one bank.

Are institutions getting bailout money allowed to contribute? I don’t see why they should be able to.

Reid has already raised $2.2 million, several Democratic candidates, according to Reuters, have already raised over $1 million, Spector raised almost $2 million and already has 6 million in the bank. Clinton’s replacement has raised over $2 million, but the Reuters story
didn’t total all the millions.

We’re getting thrown out of our homes, dumped from our jobs, surviving without health care and unable to educate our children, yet these people “governing” us, have millions in their campaign “war chests.”

What’s wrong with this picture?

The final irony to today’s news, is the story that “Steven Rattner, the leader of the Obama administration’s auto task force, was one of the investment firm executives involved with payments now under scrutiny in a state and federal investigation into an alleged kickback scheme at New York state’s pension fund,” reported Reuters.

The Treasury Department, when asked if they knew about this when Rattner was appointed, said that Rattner informed them about the pending investigation but refused to comment further.

One would think that treasury would be reluctant to put someone with an investigation into kickbacks, at the head of such a high profile and crucial task force. But no, they apparently saw no problem with it because there he is.

The scarier thought is that maybe Geithner, the tax cheat, has a suspicion that no matter who you appoint from the investment bank industry, they are likely to come under scrutiny for one shady practice or another, and therefore you hire either the one with the least chance of an investigation or the one who is most likely to survive the investigation without being imprisoned.

Either way, I am leaning more and more towards the folks that chant HEY HEY HO HO THE FEDERAL RESERVE HAS GOT TO GO!

Add to that the investment banks, nationally chartered banks, etc. etc. etc.

New York Attorney General Andrew Cuomo has his work cut out for him.

I now have to wonder if it was the New Yorkers that were the frauds and the Chicago financial institutions were all above board, or if Cuomo is a pro-active Attorney General and Lisa Madigan is simply remiss in not investigating the Chicago Board of Trade, Mercantile Exchange and the Board of Options Exchange.

Time will tell.

Protest the 2016 Games

No Games Chicago, “a diverse group of citizens who have come together to oppose the Chicago bid for the 2016 Olympics,” is holding a protest rally today at the Federal Plaza at 5pm.

From their website:

The International Olympic Committee will be in town from April 2-8th to evaluate
Chicago’s potential as a Host City for the 2016 Summer Olympics. Let them know
that Chicago 2016 does not speak for the people of Chicago. Let them know that
Chicagoans have other priorities. Let them hear your voice.

RALLY. SPEAK OUT. PROTEST. SHUT DOWN THE OLYMPIC BID!

We need Better Hospitals, Housing, Schools, and Trains — Not Olympic Games.
They Play and We Pay. NO GAMES!

For more information email nogameschicago@gmail.com or call 312.235.2873
On the web: nogameschicago.com
NO GAMES: Chicago on Facebook

Be there or be square…..

Don’t want the Olympics? Sign the petition….

Most scams are run out of Texas and Florida….

What little people have known for years, apparently wealthy people are learning the hard way. If it seems to good to be true, and it is coming from Florida or Texas…..it is.

First was Madoff, who was running his pyramid scheme for 20 years until it recently fell apart, leaving in its wake West Palm Beach millionaires and a long list of people with cash to burn, selling their estate jewelery to make ends meet and now, Texas enters the financial scam scene.

Texas billionaire Allen Stanford, has been charged by the SEC in a civil complaint with “fraud of shocking magnitude that has spread its tentacles throughout the world,” said Rose Romero, regional director of the SEC’s office in Fort Worth, Texas, and reported by Reuters.

Stanford, who holds dual U.S.-Antigua citizenship, has dropped off the face of the earth and failed to respond to a subpoena. The SEC can’t understand it.

SIB, his company, oversees $50 billion in assets (this seems to be a magic number, Madoff was charged in a $50 billion fraud scheme).

Maybe the SEC doesn’t consider it worth their time to investigate, unless it amounts to enough money to warrant Barbuda and Antigua’s prime minister to consider the consequences “catastrophic.”

Stanford’s banks are based there and, according to Reuters, “he owns the country’s largest newspaper, heads a local commercial bank, is the biggest private employer, its top investor and is the first American to receive a knighthood from its government.”

He is accused of selling $8 billion in CD’s “by promising high return rates that exceed those available through true certificates of deposits offered by traditional banks.”

Reuters lists additional SEC allegations as the following:

— Stanford’s Antigua-based bank reported identical returns of 15.71 percent in 1995 and 1996, which the SEC called “improbable” and suspicious.

— Ninety percent of the offshore bank’s claimed investment portfolio was in a “black box” shielded from any independent oversight, and only Stanford and aide James Davis, also charged, knew details of the bulk of the portfolio.

— Stanford failed to cooperate with the SEC probe and continued to mislead investors by falsely saying the SEC had frozen accounts or the company had ordered a moratorium on CD redemptions.

— A major, unidentified clearing firm stopped processing wires to SIB for purchase of SIB-issued CDs after the clearing firm was unable to obtain information about the company’s financial condition.

— Stanford used false information to promote a mutual fund program separate from the CDs. The program grew to more than $1.2 billion from less than $10 million in 2004.

In Antigua, hundreds were lining up to get their money out, Panama regulators seized one of the Standford’s local affiliates, the local arm of its financial group pulled itself off of Columbia’s stock exchange, and Adolph Ogi, the former president of Switzerland, quit his post on the advisory board of Stanford Financial Group.

Despite all of this, Reuters states that “There were no signs of imminent criminal charges against Stanford, whose personal fortune was estimated by Forbes Magazine last year at $2.2 billion. A Justice Department spokesman would not confirm or deny the existence of a criminal investigation.”

I would think criminal charges would be a no-brainer, considering the amount of money involved, the 30,000 clients and the 131 countries in which he operated.

But no.

Why, you ask?

Because Reuters also reported this:

Stanford was also expanding his political reach, opening a Washington lobbying office about two years ago after buying the Washington Research Group, a policy study unit of Charles Schwab & Co, in 2005.

Stanford spent $2.8 million on lobbying in 2008, according to records accessed through the Center for Responsive Politics, which tracks campaign contributions. His political action committee and employees donated about $2.4 million to parties and candidates for federal office since 1989.

Campaign finance reform won’t fix this, the only thing that will is term limits for Congress and supermax prisons for the influence purchasers.

From Chicago – signs of the economic hard times

On Friday and Monday, my train was empty, as were others I checked with – all coming from different directions into Chicago’s Loop (financial center). Layoffs? Four-day work weeks?

Normally one cannot find a parking space ANYWHERE near Union Station (home of Metra and Amtrak) at any time of the day, even when gas prices were $4 a gallon and our (Metra’s) ridership was up. This week – park anywhere, not a problem.

Traffic has been a nightmare for a few years now. I can’t tell you how many times an ambulance can’t get down the street because of all the cars (and the stupid people driving them who won’t get out of the way). Last week? Ambulances were flying down the street with only a siren blaring – no horns honking at all. Clear passage.

That’s good for them, but to me, is not a sign of good economic times. Sorry, they are not all riding their bikes. Actually – haven’t seen many of them lately either.

The Edens expressway, which normally starts rush hour at about 6:30am (rush hour being a euphemism for an expressway that is a parking lot), is also traffic free. Yesterday at 7:30 am, it was 19 minutes from Dempster to the Circle interchange. Normally, at that hour, it would be at least 40 minutes. 19 minutes is how long it takes at 3 in the morning.

For those of you not familiar with Chicago, this expressway leads into the Loop, the heart of Chicago’s downtown where banks, the Board of Trade, the Chicago Mercantile Exchange, the Board of Options Exchange, and the Futures Market call home. It is also the seat of city government has congressional offices, the mayor is here, the Cook County Board, courts, lawyers, pick ’em, they’re here.

No traffic.

Not good.

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