Insider Trading by SAC

The insider trading agreement with SAC (Steven A. Cohen's hedge fund) shows how common insider trading is on Wall Street.  These guys are not so smart; they are crooks.  The stock market is not a level playing field, and the SEC has fallen far behind in trying to make it level. To some extent the Republicans under Bush and Cheney tried to tie the SEC's hands, but the bankers and hedge fund managers have been successful in lobbying everybody, Republicans and Democrats, to let them run amok, except maybe Elizabeth Warren.  She is an honest woman who scares them to death.  

Of course that means it's hard for small investors to trade in this market, because the insiders can make it turn on a dime, leaving main street behind holding the bag.  The policemen are asleep.  There have been several successful insider trading prosecutions, but that only shows how widespread the problem is.  For every successful prosecution there are probably 10 or 100 traders who have not been caught.

Insider trading is only one aspect of the corruption on Wall Street.  The 2008 debacle caused by worthless securities based on morgages showed there is lots of dishonesty in the securities business.  Salesmen and traders for the biggest banks, Goldman Sachs, JP Morgan, etc. were dishonest about what they were selling.  In most cases they new they were selling junk, and they sold it anyway.  

60 Minutes Benghazi Retractions

60 Minutes' retraction of its Benghazi report shows what a mess Benghazi was.  This is months after the attack and CBS still got it wrong.  So, it's not surprising that Susan Rice might have gotten something wrong when she appeared on TV news shows just a day or so after the attack.    The Republicans no doubt blame the State Department for hiring low quality people to defend Benghazi, but I blame them for forcing the government to outsource almost everything, including security for embassies.  Of course, Benghazi was not an embassy; it was not even a consulate.  It was some kind of special purpose cover mission for some wild, crazy CIA activities in Libya, which were run not out of the mission building, but out of some safe house a few blocks from the embassy.  The CIA officers were clearly the Keystone Cops in this operation who let Ambassador Stevens die through cowardice or incompetence.  The CIA station chief in Libya should be censured and fired.  The head of Blue Mountain Security should be no longer be allowed to do business with the US government, since the lying security agent who spoke to 60 Minutes worked for Blue Mountain.  This is a scandal, but not for the State Department; it's a scandal for the CIA which failed to come the Ambassador's aid and for the Republicans who failed to fund adequate security for the Benghazi mission, forcing it to outsource its security to a bunch of unknown, worthless foreigners.  

Israelis at Iran Negotiations

I think it is likely that the French were acting on behalf of the Israelis when they blocked an agreement on Iran's nuclear program.  A newer NYT article puts some of the blame on the Iranians, which is no doubt partly true, but it is most likely that Jews -- French, American and Israeli -- threw a monkey wrench into the works.  Today's NYT article reports that US delegation head Wendy Sherman flew immediately to Israel to brief Israeli reporters, but refused to include US reporters stationed in Israel in her briefing.

I worry that the French delegation at the Geneva talks on Iran was representing the views of French Jews, who have a lot of political influence in France.  It indicates that in France, as in America, many Jews have divided allegiances between their home country and Israel.  Years ago, France was instrumental in helping Israel develop its atomic bomb program.

Education Failure

I'm disappointed that the education tax proposal, Amendment 66, did not pass yesterday.  It basically means that Colorado has thrown in the towel.  Coloradans have said that China won.  Our kids will work for your Chinese kids when they reach working age, because the Coloradans are so poorly prepared for life by their schools.  Today's adults will have a little more money in their pockets, while they borrow Chinese money and condemn their children to a life of poverty.  But it feels good now, especially if you smoke pot.  Colorado: home of stoners who hate school.