Saturday, January 24, 2009

Thain – Pigman Flunky…

With the recent “resignation” of John Thain and not to mention inhumane lockup of Bernie Madoff to the torturous confines of his multi-million dollar apartment, it is obvious that Pigmen are finally felling the pressure:

David Bowie & Queen – Under Pressure:

Yes, the piggies are really squealing… Bill Gross made the grade by buying billions in bonds and then clamoring for a taxpayer bailout of his new assets; and don’t forget Uncle Warren who recently earned a premier pigman membership as I described in my recent article Buffett Flips Again…

Often when writing my articles I refer to the term “pigmen,” or in its singular form, “pigman.” I want to make this term perfectly clear... Yes, it is a term meant to be a derogatory slam aimed primarily at the central bankers! In general the central bankers rule the world through the use of their fractional reserve, fiat, debt based interest bearing monetary system which does indeed sound very complex – so complex that you probably don’t understand what I just said – and that is their point! But being the master of simple that I am, let me boil all that fancy jargon down to just two words for you now that everyone is so intimately familiar with them – wait for it… wait for it… okay, those two words are 1. Ponzi, and 2. scheme!..

Of course everyone credits Charles Ponzi with inventing the scheme whereby payouts of an “investment” are made from the money of the new investors. But, point-in-fact, this scheme was invented way before Charles Ponzi, Social Security, or even Bernie Madoff came on the scene. No, that games’ been run for as long as central bankers have been in charge of money...

But forget about Ponzi for a while, when I look up the term “pigman” at Wikinateia offline, I find a picture of our own (now former) Secretary Treasurer and former CEO of Goldman Sachs, Hank Paulson who, in typical pigman fashion, sold debt based derivative products around the world while at the same time using his firm to place huge bets against the value of those very same derivative products. This is true! He had teams of salesmen that would travel the world selling their “wares” to unsuspecting municipalities, retirement funds, sovereign nations, and basically anyone who wanted higher yields and a “safe” investment vehicle. He even threw parties for his salesmen when they returned! For this, in the highest of pigman fashion, he personally reaps hundreds of millions in bonuses and gets appointed Secretary Treasurer of the United States where he is then allowed to pillage the Treasury and the taxes of future generations for the direct benefit of his personal fortune and those of his fellow pigmen (notice the use of both singular and plural uses of the word in one easy run-on sentence!). Yes, he definitely fits the term “pigman,” and deserves an honorable pigman salute – Oink, Oink!

Of course if you follow my writing then you are well aware that the central or “Federal” banking system in the United States, and throughout much of the world, is not really “federal” at all – it’s privately owned and controlled by the very top wealthy elite. It is they who are the puppet masters – their money literally rules the world. Those in upper reaches of political power cannot gain access to that power without their monetary backing. Usually their puppets are well trained and well behaved…

But every so often, one of these central banker puppets does a stinky “no-no” on the carpet for all to see and smell.

This brings us finally to Pigman Thain, who we learn, spent more than $1.2 million on office furniture last year as the CEO of Merrill, and was at the time of those much needed purchases, laying people off and getting ready for the disintegration of his company:

Bloomberg article

Thain Said to Pay $1.2 Million to Redecorate Office

By Peter S. Green

Jan. 22 (Bloomberg) -- John Thain, the former Merrill Lynch & Co. chief executive officer ousted today, spent $1.2 million redecorating his downtown Manhattan office last year as the company was firing employees, a person familiar with the project said.

Thain hired Los Angeles-based decorator Michael Smith, chosen by President Barack Obama and his wife Michelle to redecorate the White House, CNBC reported today. Thain paid Smith $837,000 and his purchases included $87,000 for area rugs, $25,000 for a pedestal table and $68,000 for a 19th century credenza, CNBC said.

“It is pretty surprising that John Thain would need to spend that much on a power office in this economy,” said Sheila Bridges, a New York interior designer who decorated former President Bill Clinton’s Harlem office. “I do hope the designer’s fees were also included in that price tag.”

Ha, ha… “designer fees!” At least he was using bubble money to keep someone employed – what a generous man. No wonder he was appointed CEO of Bank of America!

But wait… what’s that pungent aroma wafting around pigman central? Was someone a bad little piggy and go poo, poo in public?

WSJ article
Merrill paid employee bonuses before sale to Bank of America

Despite Merrill reporting a massive loss of $21.5 billion in the fourth quarter of 2008, the report noted that the company had “set aside $15 billion for 2008 compensation

London: Collapsed banking entity Merrill Lynch accelerated the payment of bonuses to employees just days before closing its acquisition by the Bank of America, says a media report.

“Merrill Lynch took the unusual step of accelerating bonus payments by a month last year, doling out billions of dollars to employees just three days before the closing of its sale to Bank of America,” the Financial Times has reported.

The daily pointed out that the timing is notable because the money was paid as Merrill’s losses were mounting and Ken Lewis, BofA’s Chief Executive, was seeking additional funds from the government’s troubled asset recovery programme to help close the deal.

Last week, the US Federal government had pumped in another $20 billion into Bank of America mainly to absorb losses incurred from the buyout of Merrill.

This is in addition to $25 billion which it ploughed each into Bank of America and Merrill last year, respectively.

Despite Merrill reporting a massive loss of $21.5 billion in the fourth quarter of 2008, the report noted that the company had “set aside $15 billion for 2008 compensation…

Ha, ha, hardy, har, har!

So, let’s see if I got that right… basically, Thain and fellow Merrill Lynch executives paid themselves more than $15 billion in bonuses during a year that Merrill LOST a staggering $21.5 billion! Ha, ha! Pee, yew… that’s some stinky poo, poo! The smell of it surrounds you…

And that’s not even the really funny part. No, the punch line is Paulson convincing Washington D.C. to bail them all out with YOUR money! Now that’s like scene right out of “Pulp Fiction!”

Lynyrd Skynyrd - That Smell:

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