Citibank: The Domestic Goddess of Wall Street, It Cooks & Does the Laundry

Stacy Summary:  This story is getting big news today that Citibank cooks its books; Max, of course, said on the Keiser Report that Citi is a big laundromat; “the stock itself – most actively traded every day – is used as laundromat by insiders – trading billions of shares A DAY.”

166 comments on “Citibank: The Domestic Goddess of Wall Street, It Cooks & Does the Laundry
  1. Mother Earth says:

    @F. Beard

    Language beardy man, I am not, like you, a blasphemous idolator. I simply get what Schiff is saying, and as I was working for a mutlinational corporation with access to all kinds of financial reports I was able (with my relative lack of understanding) to gather at the time (2006) he was likely to be right. In fact, I explained it to the CEO at christmass dinner (decoupling theory). The signal that did it for me : Drewry report projected growth in shipping for the next 15 years or so to be 16% annually. That, I knew was impossible. The mother company was being gutted by the US bankers at the time (put into irresponsible debt, dislodged from its family origin)…So I like Schiff because he makes sense. I wish I had his business acumen though, that trait seems to be genetic..

  2. Mother Earth says:

    Well, Nigella is on dry land, so we’re stuck with this:

    Depression cooking ;-) How depressing..

    http://www.youtube.com/watch?v=ZTZhrYSpXTU

  3. F. Beard says:

    I can cook an omelet, go to the fish and chip shop on a Friday night and make a Sunday Roast when provoked feral

    You remind me of One Day in the Life of Ivan Denisovich and

    ” But many who are first will be last; and the last, first. Matthew 19:30

  4. Mother Earth says:

    @F. Beard

    Belssed be the retarded, for they will harmlessly quote my words to relaxed people that don’t need to hear them..

  5. F. Beard says:

    I am not, like you, a blasphemous idolator. Mother Earth

    Specifics?

    So I like Schiff because he makes sense. I wish I had his business acumen though, that trait seems to be genetic.. Mother Earth

    An office acquaintance of mine used to say “Money can’t buy happiness but I don’t want happiness, I want money”

  6. farang says:

    Doubt you’ll ever get to this comment girl…but Stacy, if you see this, I have a little nugget of information I discovered today, and would like to share with your readers. If you don’t mind.

    The below link shows a disc dedicated to the erection of an obelisk in Elam upon a much lamented death of a queen. Andis Kaulins deciphered it. He is really quite brilliant. I read his slide show? I stand in awe of that man’s intellectual prowess. Doesn’t happen too often to me.

    I’ve read this before, and got bored at page 4 or 5. DO NOT let that happen, you will really miss some fun reading.

    Quick Quiz: In the Louvre stands a 3760 pound statue of brass and copper. It was found in Susa, Elam (today’s southwest Iran.) It is of Queen Napirasu of Elam. Wife of King Untash-Napirisha.

    Who is she known as today, Stacy? Hints: What city is the Louvre in? What might be the oldest written/recorded love story of all time?

    Here is presented a slide show. You are allowed to read pages 1-30, of 42. 1 or 2 very short paragraphs each page.

    At page 30, you will make your best “WAG” on her identity. Then you will turn to page 31…and get a laugh and little thrill realizing she was a real person, a real love story, and in a place entirely opposite of where “mainstream” archaeology places her final resting place.

    It all started when a very nice professor invited a very nice scholar to present an opposing argument to the professor’s theory this artifact (Phaistos disc) is fake.
    This is the opposing argument. This is how real science works: people unafraid to learn they might be incorrect, or sure enough of their research to feel non-threatened by opposing arguments. Everyone progresses, everyone evolves.

    http://www.slideshare.net/akaulins/phaistos-disc-and-elamite-final-30-october-2008

    Don’t you dare read page 31 before you guess! No, it is not what you think….and yes, it starts out looking very boring…it’s called “building to a climax.”

  7. Mother Earth says:

    @F. Beard

    Why do you use other people’s words? Can’t you speak for yourself?

    An office aqaintance of mine didn’t use to say that..

  8. feral says:

    @Mother & F

    I am from Yorkshire, what do you expect??

  9. F. Beard says:

    … for they will harmlessly quote my words to relaxed people that don’t need to hear them.. Mother Earth

    touché!

    Belssed be the retarded … Mother Earth

    Yeah, based on my experience with neurotransmitter enhancers, it will be very nice when I get a properly functioning brain. Which reminds me, I really need to do a long fast soon to clean out the old bean.

    BTW Mother, FireFox has a spell checker.

  10. Mother Earth says:

    @F. Beard

    You’re clutching at straws..

  11. F. Beard says:

    Why do you use other people’s words? Can’t you speak for yourself? Mother Earth

    And what am I but another flawed mortal?

  12. feral says:

    @Mother, F

    Anyway…… google – Monty Python four yorkshire men sketch.

  13. F. Beard says:

    You’re clutching at straws.. Mother Earth

    We’re all drowning, don’t you know?

  14. What-me-worry? says:

    Protons from recent solar flares sure are creating some fun here on Earth.

  15. F. Beard says:

    @feral,

    I envy your blessed contentment under difficult circumstances.

  16. What-me-worry? says:

    F. Beard: take a back seat ride.

  17. farang says:

    Had to read all the way to the last 2-3 paragraphs to get to the nitty-gritty: Mayo got canned for being the #2 best analyst (yeah, call ME a conspiracy theorist) because the banks didn’t like him not being their paid liar, and 2. He is hated for dropping the dime on their criminal activities.

    That’s odd, you’d think a “news source” would play up the potential SEC investigation, and play down the “feud” between the guy telling the truth and the freakin’ criminal liars. Go figure.

  18. F. Beard says:

    @feral,

    Very funny! Thanks.

  19. feral says:

    @ F

    To be sure beard, I am not one of the ‘worried well’

    More like your cleaner/domestic in a typical Chekov? Checkov/Brecht play.

    In the middle of all the drama, as a busy observer of the action, that nobody pays attention to, but has to keep the place clean and tidy.

    Watch the four yorkshire men sketch it will make you laugh.

  20. F. Beard says:

    Watch the four yorkshire men sketch it will make you laugh. feral

    I did, it was very funny. Here’s a link

    the four yorkshire men

  21. F. Beard says:

    @farang,

    Let me guess, Queen Eshter?

  22. F. Beard says:

    In the middle of all the drama, as a busy observer of the action, that nobody pays attention to, but has to keep the place clean and tidy. feral

    Sounds like a domestic servant. I suppose that servants are making a comeback?

  23. flicks says:

    F. Beard – “Kirsty Wark is the sexiest women on UK TV flicks

    Link? I like some of those RT babes myself. Tastes do vary”

    Just for you I put a screen shot up on my flickr account :-

    http://www.flickr.com/photos/flicks29/4934452298/

    She presents Newsnight Mondays and Tuesdays if you have access to the BBC iplayer and do a search on Newsnight you will find the programs up for a week. Being Scottish the English dont like her accent/articulation, I wont say what it does to me lol

  24. feral says:

    @F

    Yeah, even us cleaners are having to learn how to become speculators, and all the people I have been observing for the last three years are saying invest in gold and silver, in order to eat food and keep a roof over your head!

  25. davem says:

    hi stacy
    Peter Schiff was on Newsnight last night (BBC 2), and very good, giving a refreshingly honest view on things. Do you think Max could get on there now? I know you told me a while back that it could never happen, but maybe they’d be more open to max’s opinions now?

  26. MirrorMirror says:

    Joke in Bad Taste ?…

    Berlin ‘cannibal’ restaurant calls for diners to donate body parts for menu

    http://www.telegraph.co.uk/foodanddrink/foodanddrinknews/7967193/Berlin-cannibal-restaurant-calls-for-diners-to-donate-body-parts-for-menu.html

  27. F. Beard says:

    @flicks,

    Thanks. Iplayer is not available in my area so the screen says. Apparently my taste in women is odd which is very fine by me. I kinda have a thing for Erin Burnett. She is by far the best looking of the cable business show babes.

  28. farang says:

    Sherbert: “Max, of course, said on the Keiser Report that Citi is a big laundromat; “the stock itself – most actively traded every day – is used as laundromat by insiders – trading billions of shares A DAY.”

    Who? Hahahaha. Oh yeah, him.

    Yeah Max, like the song says: “steal a little they throw you in jail, steal a lot they make you a king.” Above the law”…until they hang. Nemesis will pay them a visit, it is inevitable, the ancient Greeks knew their stuff. She has a very strong nose for Hubris, and has a terrible temper:

    She is Nemesis.

    I prescribe: Patience. The mobs will revolt, hang’em all, then turn on each other. Those that “never make their move to soon” in the US will prosper.

    The real question will be if the perps of the top echelons get away scot-free…or if a finally fed-up world hands them over for hanging. Truly.

  29. F. Beard says:

    Yeah, even us cleaners are having to learn how to become speculators, … feral

    Yes, that is an outrage. Fractional reserve lending allows bank to cheat their depositors of honest interest rates and drives them into speculation.

    and all the people I have been observing for the last three years are saying invest in gold and silver, in order to eat food and keep a roof over your head! feral

    Good luck with that. Personally, I think gold and silver as money are barbaric as Keynes said though I am no Keynesian

  30. farang says:

    Yeah. liked the photo, S.H.

    My fav? Never liked ice cream much as a kid…but man, could eat raspberry sherbert all night long ….

    Feeling sabaidee today baby! Last night, I caught a lovely little lady I’ve had my eye on for a while, see her every day, working hard, maybe the manager not sure, a serious expression always on her pretty little face… never look my way when I would try to make eye contact with her, avoid it actually…… suddenly look right at me like Stacy looks at Max (lucky guy that Max)…..and here I thought she had just been uninterested.

    No, she’s just shy! Blushes red!! Hahaha. Too cute. She speaks no English. Just nid noi. “Little bit.” She’s a keeper. She’s about to get spoiled…..carefully. Live and learn…..

    Now farang has incentive to finish learning Thai..softly. Smiling. Gently. Like a gentle man. That is what impresses…here in Shangra-la. How quiet, respectful and gentle can you be.

    People are not the same everywhere. Some of us hominids could take lesson in manners, respect and grace from our hobbit-sized hominids cousins….maybe I’ll give it a shot. Again. Korb Khun Korb!

  31. farang says:

    http://onlinejournal.com/artman/publish/article_6269.shtml

    The usual nefarious doings of the usual suspects. Have Wayne on sometime, Max. He has sources, writes articles on subjects no one else is covering, and is inevitably proven correct.

    Have him tell ya about that Stanford character…everyone remember him?

  32. MirrorMirror says:

    @ronron … just brilliant !

    ;-)

  33. MirrorMirror says:

    BIS: Trading With the Enemy – The Whole Story


    … The truth about the Swiss Nazi gold controversy & the involvement of U.S. banks and the Federal Reserve during the Second World War. This multi-layered central banker conspiracy dwarfs today’s oil and other behind the scenes interests involved in the recent invasion, war and subsequent occupation of Iraq. This report opens up the sordid record of the American financial establishment and our central bankers to put trade before patriotism, profits before our troops during times of war and how this relates to our nation today in the “so called” latest conflict, The War On Terror by simply exchanging our collusion with Nazi Germany for collusion with Saudi Arabia and oil profits. …


    http://www.thedailybell.com/1327/BIS-Trading-With-the-Enemy-The-Whole-Story.html

  34. F. Beard says:

    Denninger has a lengthy document to sign before one can enter his site. No thanks Karl. Hopefully, one day you will have to beg for web traffic rather than discourage it. A much classier guy is “The Pragmatic Capitalist” at http://pragcap.com/. Also, Yves Smith at http://www.nakedcapitalism.com/ is very good.

    @Stacy,
    I suggest Yves Smith as a good interview guest for your show.

  35. Youri Carma says:

    @F. Beard

    Strange, cause I don’t have that? http://market-ticker.org/

  36. MirrorMirror says:

    @Youri .. Thx for the link … was fully aware already, but will watch it.

  37. F. Beard says:

    @Youri,

    I don’t get it from your link but I do get it when I click on the link to the right of this page. Strange.

  38. Youri Carma says:

    @Frans

    Dutch Cabinet Agrees on $4.1 Billion Budget Cuts as New Government Awaited http://www.bloomberg.com/news/2010-08-27/dutch-cabinet-agrees-on-4-1-billion-budget-cuts-as-new-government-awaited.html

    1: Ireland – Debt/GDP: 997%
    2: Netherlands – Debt/GDP: 467%
    3: United Kingdom – Debt/GDP: 409%

    Top 6 Most Indebted Countries http://financialedge.investopedia.com/financial-edge/0810/Top-6-Most-Indebted-Countries-And-Why.aspx

    Dutch Unemployment 12% (Not the 5.7% CBS Figure)

  39. The Dork of Cork says:

    BBC radio 4 money box is now currently airing with the “Gold Bubble” as defined by the programmers.
    They must be getting desperate.

  40. Youri Carma says:

    Its Official: China is Unloading its Treasury Bonds http://oilprice.com/Finance/the-markets/Its-Official-China-is-Unloading-its-Treasury-Bonds.html

    US Treasury data show that China has cut its holdings of Treasury debt by roughly $100bn (£65bn) over the past year to $844bn http://www.telegraph.co.uk/finance/comment/7958823/America-no-longer-needs-Chinese-money-for-now.html

  41. Bel-Ami says:

    Ave, Citi, morituri te salutant

    Food Network, Travel Channel and various Real Estate Shopping programs are all the rave. Fantasy Consumption viewing is overtaking real consumption. Add lotteries and you have a society of pipe dreamers who vicariously enjoy the conspicuous consumption of their masters.

    I do not know who I am. Identity is tautological. A=A goes nowhere. Here we see the eternal presence and self-indentity of God( Old Testament and St. Augustine). The only vestige of selfhood one can hold to is the perceptual illusion of a contained body. Rimbaud makes it clear with “Je suis un autre”. Have we, the fabled “I’s”, ever had it?

    Identity, the Self, is one of Humanism’s more endearing forms of Deification(reification). Every God is born through a statement of self-identity. Name a man and he will view it as a contractual bond with the Cosmos constituting his “Selfhood”. Culture is the nominal disintegration of Humanity into Selfishness.

    Consumption based societies devote every mode of production to serving selves. Communal standards are abandoned and a Freudian Dystopia is instaurated. The Superego serves the Id. It creates controls to facilitate consumption. The value of human liberty dwindles and eugenic ideologies of racial and ethnic identification grow. The Id craves security for its own excesses. Identity stands as the Fortress of Selfish excess. What is the principle of all security? We defend national identity, liberties and protect property for one cause—->”To further our self interests.” Writ large it is the marketed suppression of class struggle via media to all “I’s” who sell themselves into bondage for their “own” self interest. Adam Smith’s invisible hand promises liberty but forges shackles.

    The assertion of self is the first step towards bondage. Who legitimizes names and identity? States preach identity as strongly as the God of the Old Testament. There is no other I am but I am. And it tells you who you are–>A series of letters and numbers on various ID’s. It devolves, like States and the Judeo-Christian God, into Sociopathology. Every master births sons to die in his place for everyone’s sins. War propaganda has always been a process where we build up martyrs to die for masters in a battle against evil. (Kudos to Talcott for noting the Old Testament flavor of US foreign policy. There is no other God but the USA! But it also has New Testament flavors. Preaching liberation and redemption in sacrifice and bondage like Jesus. Those who are not with me are against me.)

    Bankers really do “God’s work”. They place a plague on many houses. Especially upon those who do not appreciate and honor their value with sufficient sacrifice. We all know they abhor Golden Calves.

    @Dedo

    It is a custom(my parents used tell me it is a Scottish one) in my family to bait those we admire. Perhaps it is infantile. No question it is rude. I meant no disrespect.

    I am new to this forum and wish to thank everyone, even those who find me evil, insular and, by my own admission, pompous, for the illuminating and spirited discussion.

    @Tao

    I am the proud scion of a Rentier. It underlines my antipathy to religion. God created the Universe aeons ago and has done nothing since but collect rent. Jesus was Cosmic QE1. His blood flowed to pay the “debt of our sins”. Amazing how elastic religious narratives are. It seems they are hidden in language as a Divine Grammar. Too bad the divination is mostly practiced by devils.

    I live as a luxury. Therefore I take pride in being waste. I revel in wasting time as much as time wastes everything. Rest is the highest form of rebellion. It helps me fashion a home in this abominable world. Graciously love, a selfless utopia of shared sentiments, gilds the dross enough that life still holds fair.

    @Everyone

    To sum it all up:

    1. I am not afraid of being silly.
    2. I do not take myself seriously.

    “For, to speak out once for all, man only plays when in the full meaning of the word he is a man, and he is only completely a man when he plays.”

    Schiller, Letters on the Aesthetic Education of Man, Letter XV.

  42. Youri Carma says:

    The US Government Matches Every Dollar In Tax Revenue With A Dollar In New Debt http://www.zerohedge.com/article/us-government-matches-every-dollar-tax-revenue-dollar-new-debt

  43. Youri Carma says:

    China is Unloading its Treasury Bonds – What does it Mean?

    – It means that China is getting frantic with the U.S. dollar denominated debt it holds and wants to get rid of it, signalling that they don’t have confidence in the dollar anymore.

    – Indeed the question will be: How much debt is China still going to buy from the U.S.? – And if they don’t Who will?

    – If the U.S. can’t sell it’s debt anymore it’s gonna buy it up themselves from money created out of thin air thus going the hyper-inflationary way which is quiet likely cause they don’t want to default, like Marc Faber said, but rather inflate into oblivion.

  44. Bel-Ami says:

    Had a discussion with a friend who’s a political advisor. He said something I found fascinating.

    The open Republican, and, of course, secretly Democratic, desire to tinker with the 14th Amendment has more to do with the past raid on the Social Security Trust fund to pay for Wars and Tax Breaks for the wealthy than immigration. Alan Simpson of the Deficit(AKA Catfood) Commission has stated that the Social Security Trust fund is filled with worthless Treasury Bill “IOU’s”.

    Labelling Treasury Bills as worthless IOU’s may violate the 14th Amendment article 4:

    “The validity of the public debt of the United States … shall not be questioned.”

    Amusing.

  45. Youri Carma says:

    Why Blinder Is Wrong About The Fed Having More Bullets by Mike “Mish” Shedlock http://www.businessinsider.com/blinder-fed-bullets-2010-8

  46. Youri Carma says:

    European Central Bank President Jean-Claude Trichet said governments risk a “lost decade” of weak economic growth if they delay reversing the surge in public debt triggered by the financial crisis.

    “The lesson from past history is that dealing with the legacy of accumulated imbalances is not simply a duty to be fulfilled after the economic recovery, but rather an important precondition for sustaining a durable recovery,” Trichet said yesterday in a speech at the Kansas City Federal Reserve Bank’s annual monetary symposium in Jackson Hole, Wyoming. “The primary macroeconomic challenge for the next 10 years is to ensure that they do not turn into another ‘lost decade.’”

    Without naming specific policy makers, Trichet said some have suggested the short-term economic outlook requires more spending and that debt can be ignored for now.

    “Adopting this view would be very dangerous for our economies,” he said, drawing a parallel with Japan in the 1990s when banks contributed to economic weakness by rolling over the bad debts of inefficient firms.

    High public indebtedness and the lack of a plan to pare it threaten to create uncertainty among households and companies knowing they would ultimately face the higher taxes and spending cuts needed to reduce it, Trichet said. A debt overhang can also prompt governments to adopt regulatory measures to compel banks and households to hold government debt, he said.

  47. Enrico Rusticali says:

    @staceyherbert — Hi Stacey, I am guessing this is the way to get a message to you and Max.
    Both of you are right on with your commentary and sessions based on deductive reasoning.

    Lat’s call the people on the other side of the table as the CCG

  48. Frans says:

    @ Youri, thanks: If you look at the numbers and facts, the Netherlands could be the black swan. Just Imagine the Netherlands as an IMF debt slave haha!

    Quite interesting, noting we don’t know yet but great clarity in this interview:
    http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/8/28_Rob_Arnott.html

  49. Chris says:

    While Max has been saying this for a while, this article is a very good one. How about one of the authors as a guest?

  50. Metoo says:

    @ flicks
    Kirsty Wark is a unionist mouthpiece who is used as a vessel for the Labour Party in Scotland, google her interview with the first minister in Scotland and see her contorted face and contempt when getting shown up for what she is

  51. Metoo says:

    here is Kirsty at her vitriolic best

    http://www.youtube.com/watch?v=FnQPptuG8uM

  52. richard@lattitude30N says:

    @Youri: completely agree…Faber: “…inflate into oblivion’…listened to Paul Krugman on PBS last night and to his astonishment Bernanke didn’t find any evidence to “throw everything at the economy”…well maybe Mr Krugman ought to look at the calendar and realize that the November elections haven’t taken place yet..anything he says now will be cannon fodder for either political wing ( RED or BLUE )…we on this post realize the die is cast and that even though it is as obvious as snow on your nose that unemployment isn’t reviving ( even tho Joe Biden just said the Obama Admin created 600,000 jobs…during a time when 3,000,000 jobs were lost is a positive sign )…that the banks are not loaning to the general ( physical ) economy and are waiting for the next shoe to drop in the world of sovereign debt crises or corporate ( ie: FANNIE MAE OR FREDDIE MAC ) INSOLVENCIES….we the people have seen our last hoorrah……$670 trillion-$1200 trillion in derivatives have not been dismantled…housing is still headed in a downward sprial and commercial RE is also on board as massive foreclosures are still in the wings…I find Catherine Austin Fitts interview on the AJ show as the proper way to go…start planting a garden and raising your own livestock…soon the FEDS will find a way to dismantle even that last ray of hope…but until then…we on this blog will laugh and sing as the MSM create the new enemies of the state…interesting that on PBS radio a report abvout the Nuremberg LAws that are only 4 pages and three laws that codifies the anti-semitism and non-citizenship of Jews in Nazi germany…when was the Patriot Act written and the FEMA camps built??????? But back to Krugman: Bernanke isn’t a ‘man of the people’ he could care less about unemployment even tho he is mandated to offer policies for full employment…he is stuck….the Chinese are unloading their treasury bonds ..maybe incrimentally..but they are selling and QE is his only option….if no one buys the $2 trilliojn in annual treasury bond auctions then the world will see the folly of his actions and the “AAA” status of the US will also be lowered as Mr. Greenspan as also forcast… …’YOU CAN’T SAVE THE DAY BY BUYING DEBT WITH DEBT”…. THE EMPEROR HAS NO CLOTHES….when he opens his mouth it is a lie from start to finish…

  53. The laundromat is NO Hologram!
    Don’t be fooled, it’s cheapOil-based SEC-fed crime:
    http://en.wikipedia.org/wiki/State-corporate_crime

    Dirty energy is the rootcause of interpollution and braindead corporate citizens.
    Compare the Great Coal Debate http://u.nu/43vye
    and http://global-war.ning.com

  54. Tao Jonesing says:

    @Bel-Ami,

    While I wasn’t born a rentier, I managed to become one. :-)

    I don’t view the term as a perjorative but as a useful term to classify a third actor in the labor-capital duology who uses money to make money (Marx’s M-M’). I suppose we could call them the eminems.

  55. F. Beard says:

    here is Kirsty at her vitriolic best metoo

    Thanks. That lady is something else. I only wish our media was half as persistent as she is.

  56. Metoo says:

    I was being ironic, the deal in the desert was done by Tony Blair, then withheld from the Scottish Government.
    The meedja that are run by the Labourites then pressed Alex Salmond and tried to make 1+1=3 about the deal. The Scottish Parliament were tipped off that the deal was done behind their backs and announced what they had found out as soon as they checked it out. Kirsty then tried to deflect the story by having a go at Alex Salmond when in fact the story was Tony Bliar had done the deal when he had no place to do it, that was the story she should have been shouting about !

  57. Bel-Ami says:

    @Tao

    I support your analysis of the Austrian and Chicago School Rentiernomics and took no umbrage at the comments. As I have said before, I always find your views enlightening.

  58. And just WHAT does this busty D-Cup Dolly in the photo with her tight sweater and the seductive smile have to do with the article?

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