The Fall of Erin Callan, CFO, Lehman Brothers

Video - Maria Bartiromo on Erin Callan

As you listen, remember that virtually every word you hear from Callan is a lie. Lehman was a cesspool of fraud with a $600 billion hole in in their balance sheet according to the bankruptcy report. Hedge Fund manager David Einhorn begins at the 3-minute mark, and touches on the fraud, though the stories below provide a much deeper analysis of the madness inside Lehman.

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Background reading...

• LEHMAN ACCOUNTING FRAUD: Attention Prosecutors: Watch This Video About Lehman, Geithner, Fuld & The NY Fed

• Dick Fuld Won't Accept What The Rest Of Us Already Know: He And Other Lehman Execs Were Criminal Bastards Who Routinely Lied About Debt, Leverage & Asset Valuations

• Lehman's False Accounting Was Known By SEC and NY Fed Regulators -- Yet They Did Nothing

Egyptians have their new hero called Erdogan

Turkish Prime Minister Recep Tayyip Erdogan received a rock star welcome in Cairo where activists, women and the media gushed over the region's new "hero" over his pro-Palestinian stand and his virulent criticism of Israel.

Erdogan, who on Tuesday kicked off a three-nation Arab Spring tour in Egypt, threw his weight behind Palestinian statehood during a keynote speech at the Arab League, bolstering his image as a regional leader.

His visit comes as activists who overthrew president Hosni Mubarak in February are increasingly angry at their own leadership for backtracking on promises of reform.

Addressing Arab foreign ministers, Erdogan said the recognition of a Palestinian state is an "obligation" and reiterated that strained ties with Israel will not improve unless the Jewish state apologises over the death of nine Turks killed in a raid on an aid flotilla last year.

"Before the end of this year we will see Palestine at the United Nations in a very different situation," he said. "It is time for the flag of Palestine to be hoisted at the United Nations."

His statements, echoing sentiments on the Arab street, may have unnerved Egypt's military leadership which is scrambling to smooth over ties with Israel after its embassy in Cairo was attacked.

The attack on the mission, in which crowds smashed through an external security wall, tossed embassy papers from balconies and tore down the Israeli flag, was the worst since Israel set up its mission in Egypt, the first Arab country to sign a peace treaty with the Jewish state, in 1979.

It was the latest episode in worsening relations between Egypt and Israel since the killing of five Egyptian policemen last month on their common border as Israel hunted militants after a deadly attack...

Full story:
http://middle-east-online.com/english/?id=48055

Jobs? “46 Million Americans are Living Below the Poverty Line... Only Israel, Chile and Mexico Have Higher Poverty Ratios”

IT'S YOUR MONEY, FOLKS! - ”COUNTRIES THAT CARE, OR “CHARITY BEGINS AT HOME” OR, “WHERE DOES THE SIX BILLION AID -TO-ISRAEL GO?

The U.S. poverty rate hit its highest level since 1993 last year with a record 46 million Americans living below the poverty line, according to a government report on Tuesday that depicted the grim effects of stubbornly high unemployment.

I Find receipts in here for six billion dollars every year... !

Underscoring the economic challenges that face President Barack Obama and Congress, the U.S. Census Bureau said the poverty rate rose for a third consecutive year to hit 15.1 percent in 2010. The number in poverty was the largest since the government first began publishing estimates in 1959.

The United States has the highest poverty rate among developed countries, according to the Paris-based Organization for Economic Cooperation and Development.

The poverty line for an American family of four with two children is an income $22,113 a year.

The United States has long had one of the highest poverty rates in the developed world. Among 34 countries tracked by OECD, only Chile, Israel and Mexico have higher rates of poverty. MORE HERE

MORE GRAPHS HERE

Kyle Bass With David Faber - 'Greece Will Default And It's Going To Be Ugly For Europe, Germany And The U.S.' (17 Bailouts For 17 Euro Nations)

Watch Video

CNBC Video - Hedge Fund Manager Kyle Bass with David Faber - Sep. 14, 2011
"17 individual TARPs for 17 Euro countries..."
Restructuring is the only one way out of this debt mess, and "restructuring means default." Kyle Bass, managing partner of Hayman Capital, told CNBC Wednesday.

"Greece has to default," said Bass. "It's going to be a hard default, and then it's going to be difficult to contain this contagion."

"The world seems to think they're going to have an orderly default," he added. "I've never seen an orderly default."

A year from now Europe will be going thru the 'dominos of hard restructuring,' explained Bass.  "[The euro zone is] going to have to have 17 different TARPs, we're not going to have one Super-TARP," referring to the U.S. Troubled Asset Relief Program during the subprime mortgage crisis.

Although, every single European country that does ends up defaulting "will maintain structural stability in their banking system," explained Bass, "that doesn't mean in its current construct today that that equity is worth anything."

"This period we're about to go through, a lot of people are going to lose a lot of money," concluded Bass.

• Read the complete transcript at CNBC (look in right column)

Bronstein, Gewirtz & Grossman, LLC Investigates Silvercorp Metals, Inc.

Bronstein, Gewirtz & Grossman, LLC Investigates Silvercorp Metals, Inc.
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Silvercorp Metals, Inc. (“Silvercorp” or the “Company”) (NYSE: SVM), concerning whether the company and certain of its officers and directors have violated federal securities laws.
On September 1, 2011, the Company was forwarded a copy of an anonymous letter dated August 29, 2011, addressed to the Ontario Securities Commission, the Company’s auditors, and various media outlets alleging a “Potential $1.3 Billion Accounting Fraud at Silvercorp. The letter also alleges that Silvercorp reported a profit in 2010 in a Securities and Exchange Commission Filing, while also reporting a loss to Chinese regulators. The anonymous author also acknowledged he had taken a short position in the Company. On Friday, September 9, 2011, The British Columbia Securities Commission confirmed it was investigating this anonymous allegation against Silvercorp. On this news, shares of Silvercorp plummeted $1.54 or about 20% to close at $6.30 on Tuesday, September 13, 2011.
If you are aware of any facts relating to this investigation, or purchased shares of Silvercorp, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate work, private securities offerings, and securities arbitration.


Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman
212-697-6484
eitan@bgandg.com

* Reuters is not responsible for the content in this press release.

'DEFICIT SINNERS' - Germany’s EU Commissioner Wants Flags Of All Bailed Out Nations Flown At Half-Mast

The Scarlet Bailout moment is upon us.  Sentiment is turning in Germany against the Euro-periphery bailout as evidenced by the following story from Brussels yesterday.  Meanwhile, in a moment of hilarity as the EU approaches collapse, some EU officials are apparently demanding a new and more powerful Lisbon Treaty.  Good luck with that.
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EU Bailout Scarlet Letter
GERMANY’S EUROPEAN COMMISSIONER has lent his voice to demands that the national flags of all bailed-out European Union member states be flown at half-mast at EU buildings.
Günther Oettinger told German media last Friday that the move would “be a big deterrent” to those countries – which he called “deficit sinners” – who cannot keep control of their financial affairs, though he admitted that it would “just be a symbol”.
The suggestion would mean that the flags of Ireland, Greece and Portugal would have to be flown at half-mast outside all of the EU’s buildings in Brussels, Strasbourg and elsewhere.
Among Oettinger’s other controversial ideas are that the EU simply take over the power of collecting tax in Greece.
Continue reading...
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New Lisbon Treaty
EUROPE’S MAJOR ECONOMIES demanded a replacement for the Lisbon Treaty, creating further fiscal and economic ties between Eurozone countries, Britain’s chancellor George Osborne has revealed.
Osborne told reporters that officials from the European Union, France, Germany and Italy want a new treaty superseding Lisbon – which infamously took several years to negotiate and ratify across the EU – at the weekend’s G7 conference in Marseille.
“I think it is on the cards that there may be a treaty change imposed in the next year or two, beyond what has already been proposed,” the Daily Telegraph quoted Osborne as saying, referring to the agreement already reached about upgrading the EU’s permanent bailout fund.
“This would be for the eurozone – this would be to further integrate the eurozone, [and] further strengthen fiscal integration”.
Continue reading...

GE Dumps Offshore Wind-Power Plans AFTER Collecting $125 Million In Stimulus From Taxpayers For Wind Projects

Best friends Obama and Immelt applaud as GE screws taxpayers once again.
Source - Gateway Pundit
GE was awarded 44 contracts totaling over $46,000,000 and 44 grants totaling more than$79,000,000 from the Obama-Pelosi $757 billion dollar stimulus package. Millions of dollars in stimulus funds were used by GE in green energy projects.
Today GE announced that it was going to gut its offshore wind-power plans.
Forbes reported:

General Electric, the U.S.-based industrial giant and leading manufacturer of wind-power turbines, is scaling back efforts to expand its presence in the offshore wind power market.
The rationale: there is no meaningful offshore wind market to speak of – at least not yet.  Given slower-than-expected industry growth, the offshore market may not mature as rapidly as many wind boosters once believed.  In 2009, GE moved into the offshore market by acquiring Norway’s ScanWind, a developer of direct-drive turbines, based in the city of Trondheim.
GE is considering laying off about 40 employees in Norway as it scales-back its offshore operations there, according to reports in Recharge. The company has also suspended plans to construct a manufacturing facility in the United Kingdom indefinitely.

Immelt also said the stimulus would work way back in April 2009.

GE CEO Jeffrey Immelt, the head of Barack Obama’s Economic Advisory Panel, was invited to sit with the First Lady during the president’s speech to Congress this past week. He’s been a strong supporter of the president since he took over the White House and his companies have received plenty of government funds as well.

First lady Michelle Obama (4th L) and Vice President Joe Biden’s wife, Jill, (2nd R) clap from the front row of the First Lady’s Box before the start of President Barack Obama’s address to a joint session of Congress on Capitol Hill in Washington September 8, 2011. Others in the box are: (top row 3rd L- 2nd R) General Electric CEO Jeffrey Immelt, American Express CEO Kenneth Chenault, AOL co-founder Steve Case, Permac Industries CEO Darlene Miller and Maryland Governor Martin O’Malley, and (front row L-R) Philip Maung, Gracey Ibarra, Kelcie Fisher,Obama, Joseph Kidd, Biden and Marlena Clark. (REUTERS/Jim Bourg)