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Thread: Enron Part Deux

  1. #11
    Senior Member zitiboy's Avatar
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    GM employs thousands of Americans. It's an American company. Hence, your point is moot.
    GM is the most successful car company in the world. The repubs wanted them to go out of business, so 100K workers would work for $10 an hr at service industry mcJobs.
    Who gives a shit how Diamond SPELLS HIS NAME, the point is what are the facts, and you've made yours up, as usual.
    JP lost a billion, BD. Here's what the ceo said.."Do banks make investments? Yes. Does every single investment pay off and prove successful? No.
    Will JP Morgan never make a mistake? No, of course it will make mistakes."
    He's right.
    You're making a mack truck out of a fart. As usual.

  2. #12
    Senior Member zitiboy's Avatar
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    "Cadillac now outsells Mercedes, The Chevy Impala beat the Toyota Camry in initial quality, and Consumer Reports detailed how Buick now beats BMW in reliability.

    GM has 82 major plants in the United States, while Toyota, Honda, and Nissan combined have only 24. GM has more American salaried workers than Toyota has total American workers. With 194,000 employees in America, even after hard times, General Motors still employs six times as many Americans as Toyota, seven times as many as Honda, and twelve times as many as Nissan. As Business Week pointed out in 2002 (the last data I have seen on the subject), each auto-assembly job created by an American company also creates 6.9 other American jobs, where each auto-assembly job created by a foreign company creates only 5.5 other American jobs. This is true simply because American automobile companies get more of their parts from America.

    And what about those foreign transplant factories? A 1995 United Auto Workers study concluded that these foreign automobile companies operating in the United States caused at least 500,000 Americans to lose their jobs. I would hate to think of what that total is today.

    The new May 9, 2005, issue of Business Week details how GM contributes to the pockets of their assembly workers to the tune of $8.7 billion a year and either directly or indirectly supports the employment of 900,000 Americans. Business Week also claims it is "undeniable" that what is bad for GM is bad for America, pointing to a 54-day strike in 1998 that cut that quarter's economic growth for the entire country a whole percentage point.

    The factory would increase GM’s passenger-vehicle capacity, estimated at 2 million units last year by research firm IHS Automotive, by about 15 percent, easing the strain on existing plants that are producing cars in excess of their normal output.

    GM employs approximately 202,000 people around the world. In 2009, General Motors sold 6.5 million cars and trucks globally. Much of General Motors' recent SALES

    growth has been in the People's Republic of China, where its sales rose 66.9 percent in 2009, selling 1,830,000 vehicles and accounting for 13.4 percent of the market.

    General Motors Co said on Tuesday it will invest about $2 billion in 17 U.S. plants, including a facility here that makes transmissions for small cars, as the automaker shifts from recovery mode to investing in future products.

    GM said the plans will create or preserve more than 4,000 jobs as it retools the plants in eight states.

    As of January, 2012, the US government's Troubled Asset Relief Program had about $25 billion invested in GM. Break even for the government was figured at $53.98 v. the then-current share price of about $25."

    Number of overseas plants opened by GM during Obama's presidency---zero.

  3. #13
    King Obama is a traitor! michaelr's Avatar
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    Quote Originally Posted by zitiboy View Post
    GM employs thousands of Americans. It's an American company. Hence, your point is moot.
    GM is the most successful car company in the world. The repubs wanted them to go out of business, so 100K workers would work for $10 an hr at service industry mcJobs.
    Who gives a shit how Diamond SPELLS HIS NAME, the point is what are the facts, and you've made yours up, as usual.
    JP lost a billion, BD. Here's what the ceo said.."Do banks make investments? Yes. Does every single investment pay off and prove successful? No.
    Will JP Morgan never make a mistake? No, of course it will make mistakes."
    He's right.
    You're making a mack truck out of a fart. As usual.
    First of all this thread has nothing to do with GM.

    Now to your lies.

    It appears that JP lost 3 billion, possibly two but they used mark to market. I am sure you are clueless to what that is, and it ain't my job to teach you. I will if requested however. Enron lost using that technique however, and that is relevant here.

    Oh you're going to tell me about investments. Save yourself some time, and keep your 'info' to yourself.

    Again bright one, the company lost 800 million of their money, meaning at bare minimum they last $1.2 billion of other peoples money. In this case it appears to be depositors funds. Like your buddy Corzine did, and those people never got their money back nor will they.

    This isn't about mistakes Zitiboy, it is about betting OP's money on CDS, a gamble and one that used mark to market. Proprietary trading is what the fed was trying to prevent, yet they did an end run, and possibly an Enron/MF Global. Now you might not find that shocking, that doesn't matter, what you pass for knowledge is a joke, but this is huge news that has huge implications. I am pretty sure that your pimp will bail them out. That is what gangsters do.

    I am sure Dimon cares how his name is spelled, but you don't even know his name, let alone much of anything else.

  4. #14
    King Obama is a traitor! michaelr's Avatar
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    Quote Originally Posted by zitiboy View Post
    "Cadillac now outsells Mercedes, The Chevy Impala beat the Toyota Camry in initial quality, and Consumer Reports detailed how Buick now beats BMW in reliability.

    GM has 82 major plants in the United States, while Toyota, Honda, and Nissan combined have only 24. GM has more American salaried workers than Toyota has total American workers. With 194,000 employees in America, even after hard times, General Motors still employs six times as many Americans as Toyota, seven times as many as Honda, and twelve times as many as Nissan. As Business Week pointed out in 2002 (the last data I have seen on the subject), each auto-assembly job created by an American company also creates 6.9 other American jobs, where each auto-assembly job created by a foreign company creates only 5.5 other American jobs. This is true simply because American automobile companies get more of their parts from America.

    And what about those foreign transplant factories? A 1995 United Auto Workers study concluded that these foreign automobile companies operating in the United States caused at least 500,000 Americans to lose their jobs. I would hate to think of what that total is today.

    The new May 9, 2005, issue of Business Week details how GM contributes to the pockets of their assembly workers to the tune of $8.7 billion a year and either directly or indirectly supports the employment of 900,000 Americans. Business Week also claims it is "undeniable" that what is bad for GM is bad for America, pointing to a 54-day strike in 1998 that cut that quarter's economic growth for the entire country a whole percentage point.

    The factory would increase GM’s passenger-vehicle capacity, estimated at 2 million units last year by research firm IHS Automotive, by about 15 percent, easing the strain on existing plants that are producing cars in excess of their normal output.

    GM employs approximately 202,000 people around the world. In 2009, General Motors sold 6.5 million cars and trucks globally. Much of General Motors' recent SALES

    growth has been in the People's Republic of China, where its sales rose 66.9 percent in 2009, selling 1,830,000 vehicles and accounting for 13.4 percent of the market.

    General Motors Co said on Tuesday it will invest about $2 billion in 17 U.S. plants, including a facility here that makes transmissions for small cars, as the automaker shifts from recovery mode to investing in future products.

    GM said the plans will create or preserve more than 4,000 jobs as it retools the plants in eight states.

    As of January, 2012, the US government's Troubled Asset Relief Program had about $25 billion invested in GM. Break even for the government was figured at $53.98 v. the then-current share price of about $25."

    Number of overseas plants opened by GM during Obama's presidency---zero.
    This thread has nothing to do with GM. Now run along.

    If it were I would point out your huge lies.

  5. #15
    Melting Blueneck's Avatar
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    Can't we somehow blame this on millions of lazy, selfish, irresponsible people refusing to pay their mortgages?

  6. #16
    King Obama is a traitor! michaelr's Avatar
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    Quote Originally Posted by Blueneck View Post
    Can't we somehow blame this on millions of lazy, selfish, irresponsible people refusing to pay their mortgages?
    I am afraid not. Fox maybe can, and already the "experts" are saying that the tax payers should feel obligated to bailing JP out, but this is a MF Global event mixed with the despicable practices of Enron.

  7. #17
    King Obama is a traitor! michaelr's Avatar
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    The 2 Billion Dollar Loss By JP Morgan Is Just A Preview Of The Coming Collapse Of The Derivatives Market

    Actually MF Was the preview, and the bankers solution, theft to cover the theft.

    Sadly, a lot of mainstream news reports are not even using the word "derivatives" when they discuss what just happened at JP Morgan. This morning I listened carefully as one reporter described the 2 billion dollar loss as simply a "bad bet".
    hahaha this is why one of our members considers this as just a bad bet. Huh, well intelligence is over rated, especially when you can have someone else think for you.

    The Ponzi or Derivatives market crashed a while back, hence zero rate and the printing that it requires along with four rounds of QE and one of twist.

    Game over!

  8. #18
    King Obama is a traitor! michaelr's Avatar
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    This just exploded, bad.

    So they added on another $1.7bn in litigation reserves for a total hit to income of $4.2bn. That’s more than 4 times the net amount ($800 million) they claim they lost on their bad corporate bond trade.
    Tell me where these funds came from. I think I already know.

    Here is where it gets bad. There are $120 billion in derivatives that were fraudulently sold. I believe they were ALL repackaged.

    The purchasers want their money back.

    How many billions in damages JP Morgan will have to pay out is not yet determined but inside their Mortgage-Backed Securities and Repurchase Litigation note on the 10-Q the bank tells us “There are currently pending and tolled investor and monoline claims involving approximately $120 billion of such securities.”
    Man things couldn't look worse for JP, and I can only hope that prison terms are to follow.

    I think it would be prudent to think about the wider scope of this. Many banks will be effected, because lets face it, who is trading in these things?

    This is just a wee tad worse than just a bad bet.....understatement of 2012!

    SEC Tells JP Morgan Enforcement Action Coming over Bear’s Mortgage Backed Securities Violations TERI BUHL

  9. #19
    King Obama is a traitor! michaelr's Avatar
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    Elizabeth Warren Calls for Dimon to Resign From New York Fed

    Rats, and I was going to print my own way out of this mess~Jamie 'the diamond' Dimon

    These gangster banksters should not be on the Fed's board of directors, and in the real world they wouldn't be. Fascism rears its ugly head....again.

  10. #20
    Senior Member zitiboy's Avatar
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    Quote Originally Posted by michaelr View Post
    First of all this thread has nothing to do with GM.

    Hey YOU came up with all the BS about them.

    Now to your lies.

    It appears that JP lost 3 billion, possibly two but they used mark to market. I am sure you are clueless to what that is, and it ain't my job to teach you. I will if requested however. Enron lost using that technique however, and that is relevant here.

    Oh you're going to tell me about investments. Save yourself some time, and keep your 'info' to yourself.

    Again bright one, the company lost 800 million of their money, meaning at bare minimum they last $1.2 billion of other peoples money. In this case it appears to be depositors funds. Like your buddy Corzine did, and those people never got their money back nor will they.

    This isn't about mistakes Zitiboy, it is about betting OP's money on CDS, a gamble and one that used mark to market. Proprietary trading is what the fed was trying to prevent, yet they did an end run, and possibly an Enron/MF Global. Now you might not find that shocking, that doesn't matter, what you pass for knowledge is a joke, but this is huge news that has huge implications. I am pretty sure that your pimp will bail them out. That is what gangsters do.

    I am sure Dimon cares how his name is spelled, but you don't even know his name, let alone much of anything else.
    More BS and wild, unsupported crapola from the board nut.
    They lost a billion in a bad investment, because a few people out of 100,000 tried to do their own business to benefit the company. Diamond didn;t know abt it and now he's pissed and takes Full responsibility and tore his company a new asshole publically, a rare thing. Good for him. You..mike...don't know shit abt this. You're justa lonely conspiracy nut who's looking for attention and lacks self-confidence. I know that because you always brag and pretend to know more than you do..like showing off abt knowing the correct spelling of Diamiond's name, and using buzzwords and exotic terms that no one, including yourself, really knows the meaning of.
    That's the hallmark of someone who lacks self-esteem and self-confidence.
    But you don't fool me, pippy longstockings.
    This is a case of a bank that made a bad investment and lost a billion bucks, a fraction of their assets.
    Anything more made out of it is goofball stupidity.

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