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// End --> </script></A> </TD></TR></TABLE></td></tr></table> <table width="980" border="0" cellspacing="0" cellpadding="0"><tr><td width="830" align="center" valign="top" bgcolor=white class="font14"> <TABLE CELLPADDING="4" CELLSPACING="0" WIDTH="100%" border=0><TR> <TD ALIGN="center" VALIGN="TOP" WIDTH="32%" BGcolor="#dddddd" class="fonty"> <b>unknownnews@inbox.com</b></TD> <TD ALIGN="center" VALIGN="TOP" WIDTH="68%" BGcolor="#eeeeee" class="fonty">&nbsp;&nbsp;|&nbsp;&nbsp; <A HREF="http://www.unknownnews.org/"><B>Home</B></A> &nbsp;&nbsp;|&nbsp;&nbsp; <A HREF="http://www.unknownnews.org/about.html">About us</A> &nbsp;&nbsp;|&nbsp;&nbsp; <A HREF="http://www.unknownnews.org/contact.html">Contact us</A> &nbsp;&nbsp;<A HREF="http://www.unknownnews.org/!workfiles.html"><FONT COLOR=black>|</FONT></A>&nbsp;&nbsp; <A HREF="http://www.unknownnews.org/faq.html">FAQ</A> &nbsp;&nbsp;|&nbsp;&nbsp; <A HREF="http://www.unknownnews.org/mysterylinks.html">Mystery links</A> &nbsp;&nbsp;|&nbsp;&nbsp; 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Jan. 15, 2009<BR><BR> The Enron swindle foreshadowed the destruction of America's investment banks, money center banks and brokerages. In fact, the leniency shown by the Bush Regime to the malefactors -- and virtually every major financial institution was invested or implicated, directly or indirectly in Enron -- was a direct cause of the recent crises, both with real estate, bonds, and stocks.<BR><BR>By allowing those who knew about, promoted and knowingly invested in Enron's off balance sheet entities to get away with miniscule financial penalties, these corporations were emboldened to double down. This is the very essence of "moral hazard". <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" width="50%" align="left"><tr><td class="fonty" vAlign="top" align="left" width="98%" bgColor="#ffffff"><table cellSpacing="5" cellPadding="5" width="100%" border="0"><tr><td class="fonty" vAlign="top" align="left" width="100%" bgColor="#ffffff"><table cellSpacing="1" cellPadding="1" width="100%" border="0"><tr><td class="fonty" vAlign="top" align="left" width="100%" bgColor="#cccccc"><table cellSpacing="1" cellPadding="1" width="100%" border="0"><tr><td class="fonty" vAlign="top" align="left" width="100%" bgColor="#dddddd"><table cellSpacing="8" cellPadding="8" width="100%" border="0"><tr><td class="fontpq" vAlign="top" align="left" width="100%"bgColor="#eeeeee"><b> Barack Obama's team was aware of this problem and nominated Geithner anyway!<BR><BR><img src="http://www.unknownnews.org/Obama-silhouette.jpg" border="1" width="250" height="230"><BR><BR>This looks like an ominous pattern with the disastrous young Obama presidency: he has appointed a cadre of bumbling apparatchiks to surround him.<BR><BR>Supposedly he wants to surround himself with a diversity of opinions, but from what I have seen he has a room full of clowns and doofuses. </b></td></tr></table></td></tr></table></td></tr></table></td></tr></table> </td><td class="fonty" vAlign="top" align="left" width="2%" bgColor="#ffffff">&nbsp;</td></tr></table> <BR><BR>And now they're getting off easy AGAIN. With more of your tax monies!@#$<BR><BR>If there is one bright spot, it is that their stock share prices have been obliterated:<BR><BR><a href="http://finance.yahoo.com/q/bc?s=wm+c+axp+jpm+bac+fre+fnm+aig+ge&t=2y&l=on&z=m&q=l&c=">2 yr chart: wm+c+axp+jpm+bac+fre+fnm+aig+ge</a><BR><BR>I particularly relish the chart for Citibank, though the Bank of Fascism chart is also delicious. (This is the schadenfreude squared.)<BR><BR>If you recall the energy "crisis" of 2001, when Enron was manipulating the unregulated price of electricity and bankrupting California while the Bush Regime chortled about teabagging California governor Davis -- later recalled -- then the current "crisis" makes perfect sense to you now. Rich corporations went crazy manipulating the prices of unregulated derivatives and securities while avoiding any real oversight from the Federal government. Deregulation did not begin with Comrade Bush but he certainly finished it. <BR><BR> Now the perps are receiving trillions in government welfare, and many of them are still bankrupt, even after all that has been given them. They're being sucked into the black holes of unregulated derivatives contracts which they themselves wrote. And few people are willing to "invest" with them now because they refused to create an open, regulated marketplace for these securities which would have established fair market values for everyone to see. They wanted to profit from both sides of every trade by keeping outsiders ignorant. Now they are "hoisted on their own petard."<BR><BR>What I really like about this also is companies like GE, which are deep into the business of charging usurious interest rates to sick people. Doctors and dentists don't give patients time to pay off their bills these days. What they do instead is refer them to a company like GE, which pays the doctor upfront and charges patients at least 10% interest...assuming the patients have good credit scores.<BR><BR>So...to see GE crushed by their own greed is one of the greatest sight I hope to ever see! Too bad about all of the widows and orphans who invested their life savings in GE, Citibank and Bank of Fascism. Remember this when you see the new Bank of Fascism ads on TV!<BR><BR>But of course, the incompetence and corruption won't end in D.C. any time soon. They protect each other. Like this Tim Geithner, who was nominated by Obama as Treasury Secretary. Not only was Geithner "in on" the most recent disasters as head of the New York Federal Reserve, but he <A HREF="http://online.wsj.com/article/SB123194884833281695.html?mod=googlenews_wsj">stiffed the US for taxes knowingly</A>.<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" border=0><TR><TD ALIGN="LEFT" VALIGN="TOP" WIDTH="25" class="fonty">&nbsp;</TD><TD ALIGN="LEFT" VALIGN="TOP" class="fonta"><BR> <I><B>Excerpt:&nbsp;</B></I> The tax issue relates to Mr. Geithner's work for the International Monetary Fund between 2001 and 2004.&nbsp;...<BR><BR>In 2006, the IRS audited Mr. Geithner's 2003 and 2004 taxes and concluded he owed taxes and interest totaling $17,230, according to documents released by the Senate Finance Committee. The IRS waived the related penalties. At the time, Mr. Geithner was president of the Federal Reserve Bank of New York.<BR><BR>During the vetting of Mr. Geithner late last year, the Obama transition team discovered the nominee had failed to pay the same taxes for 2001 and 2002. "Upon learning of this error on Nov. 21, 2008, Mr. Geithner immediately submitted payment for tax that would have been due in those years, plus interest," a transition aide said. The sum totaled $25,970.<BR><BR>As to why Mr. Geithner didn't pay all his back taxes after the 2006 audit, an Obama aide said the nominee was advised by his accountant he had no further liability. Senate Finance aides said they were concerned either Mr. Geithner or his accountant used the IRS's statute of limitations to avoid further back-tax payments at the time of the audit.&nbsp;...<BR><BR>Other tax issues also surfaced during the vetting, including the fact Mr. Geithner used his child's time at overnight camps in 2001, 2004 and 2005 to calculate dependent-care tax deductions. Sleepaway camps don't qualify.<BR><BR>Amended tax returns that Mr. Geithner filed recently include $4,334 in additional taxes, and $1,232 in interest for infractions, such as an early-withdrawal penalty from a retirement plan, an improper small-business deduction, a charitable-contribution deduction for ineligible items, and the expensing of utility costs that went for personal use.</TD></TR></TABLE><BR> Now you tell me if it is credible that a man in his position could be unaware of his obligation to pay Social Security and Medicare taxes. <!-- author page --><table border="0" cellpadding="4" cellspacing="4" style="border-collapse: collapse" width="270" align="left"><tr><td class="fonty" vAlign="top" align="left" width="100%"> <img src="http://www.unknownnews.net/obama-o.jpg" border="0" width="250" height="169"></td></tr></table><BR><BR>Anyone who has been either self-employed or an employee should know all about this. And are we to assume that Geithner's tax accountant was also ignorant?<BR><BR>More troubling is that Barack Obama's team was aware of this problem and nominated Geithner anyway! They don't feel that credibility is important? This looks like an ominous pattern with the disastrous young Obama presidency: he has appointed a cadre of bumbling apparatchiks to surround him. Supposedly he wants to surround himself with a diversity of opinions, but from what I have seen he has a room full of clowns and doofuses. <BR><CENTER><br>&#169; by the author.</CENTER><BR> <A NAME=recent></A><BR><TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" border=0><TR> <TD ALIGN="center" VALIGN="top" WIDTH="50%" class="fonty"> <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="300" border=2><TR> <TD ALIGN="left" VALIGN="top" WIDTH="100%" bgcolor=white class="fonty"><BR> &nbsp; <I>Recent entries:</I><BR><BR> <center><iframe src="http://www.unknownnews.org/dailylog.html" width="295" height="104" marginwidth="0" marginheight="0" scrolling="auto" frameborder="0"></iframe></center><BR> </TD></TR></TABLE> </TD><TD ALIGN="center" VALIGN="top" WIDTH="1%" class="fonty"> </TD><TD ALIGN="left" VALIGN="top" WIDTH="49%" class="fonty"> <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="300" border=2><TR> <TD ALIGN="left" VALIGN="top" WIDTH="100%" bgcolor=white class="fonty"><BR> &nbsp; <I>Earlier 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