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18 comments

    1. ndk

      Massive mistake, and now the serpent is coiling around to bite the hand feeding it.

      I’ll try to console my friends in the UK Universities who are facing mammoth budget cuts. They can sleep better knowing that at least Mr. Janjuah’s pontification pay is intact.

      I didn’t see that the man had any particular insights that made me blink. Nothing profound, just another market soothsayer. I’m thankful for much better material online, but this was a waste of 10 minutes.

  1. nowhereman

    What can I say after watching that. And I thought I was a pessimist. The problem is, as I believe he stated is that Government is the problem, and it’s going to take a while before they realize that things need to change.

    1. Glen

      I’ll second government is the problem. Government should have taken all the UBS corporate officers and thrown their a$$es into prison rather than bailing the bank out with little to no strings attached. Government should now be prosecuting the whole sorry lot for fraud and corruption and throwing away the keys.

      And quit paying the salary for that useless POS.

  2. Michael

    How high does “official” unemployment have to get before these inflation hawks settle down? 15%? 20%?

    1. Jerry

      The unemployment numbers are not going to get higher because unemployment has not been extended and people are going to start falling off the track the end of next week…so the numbers will start going down….government will take credit and say there is no need to do anything about jobs….we’re in recovery….meanwhile it will be time to help people start setting up tents for tent cities and to volunteer at the soup kitchens….I work at an unemployment office and our hours are going to be cut in a couple weeks….

      1. Glen

        You put tens of millions of people on the streets with nothing to lose and the riots here could start making Greece look pretty tame.

        Jobs programs, PLEASE!

  3. Evelyn Sinclair

    Sorry — you optimists, you.

    “Governments bailing out the banks in the manner they did was a big mistake?” No. Big corruption. Big CAPTURE. Goldman people are in key positions and have taken full control.

    Saying “government is a problem” is a little like saying that someone is a problem who has been turned into a zombi by and evil Zombi-Master and is now shambling around trying to eat people’s brains.

    Expecting the government to wake up and realize they have to act in our behalf instead of the Wall Street plutocrats is like expecting the Zombi to just wake up and attack its evil Zombi-Master.

    The SEC has been embarrassed into doing a few things, at least! And sometimes you get a brave individual who tries to do his job, like Spitzer. They can sometimes make progress before something gets them.

    I think we’ve seen much more enlightening things than that little video, on this absolutely SPLENDID blog. That one was not quite up to the usual standards. Ten (yawn) minutes was a lot to give him.

    1. Toby

      Bang on.

      We don’t have “State versus Market” and haven’t for a very long time. We have a totally corrupted and captured system, from bottom to top. We are swimming in lies and obfuscation. I hate cynicism but nowadays I think of it as a healthy defense mechanism.

      When this blows we have to learn how to trust again. Without trust society cannot function.

  4. tyaresun

    I don’t understand the big deal about Janjuah. I have read his research notes on Zero Hedge and they are useless.

    I have much more respect for people like Grant, Rosenberg and Kasriel.

  5. LeeAnne

    This is more like it.

    Bankers jailed, sued as Iceland seeks culprits for crisis
    May 12 01:44 PM US/Eastern from Breitbart here some excerpts:

    …filed a two-billion-dollar (1.6-billion-euro) lawsuit in a New York court against former large shareholders and executives for alleged fraud.

    … Glitnir’s suit, filed in the New York state Supreme Court on Tuesday, blamed most of the bank’s woes on “Johannesson and his co-conspirators,” ../

    …Glitnir said it was suing “Jon Asgeir Johannesson, formerly its principal shareholder, Larus Welding, previously Glitnir’s chief executive, Thorstein Jonsson, its former chairman and other former directors, shareholders and third parties associates with Johannesson for fraudulently and unlawfully draining more than two billion dollars out of the bank.

    The bank also said it was “taking action against its former auditors PricewaterhouseCoopers (PwC) … which ultimately led to the bank’s collapse in October 2008.”

    “The distortions and the nonsense in the lawsuit are incredible,” he told the Pressan news website. …

    “I didn’t expect him to be happy with the lawsuit,” she said.

    In addition to its New York suit, Glitnir said it had “secured a freezing order from the High Court in London against Jon Asgeir Johannesson’s worldwide assets, including two apartments in Manhattan’s exclusive Gramercy Park neighbourhood for which he paid approximately 25 million dollars.”

    Gudbjartsdottir said Johannesson had just 48 hours to come up with a satisfactory list of his assets.

    “If he does not give the right information he faces a jail sentence,” she said.

    Four former Kaupthing executives, who all live in Luxembourg, have meanwhile been arrested in Iceland in the past week and Interpol has issued an international arrest warrant for that bank’s ex-chairman, Sigurdur Einarsson.

    Former head of the bank’s domestic operations, Ingolfur Helgason, and former chief risk officer Steingrimur Karason were arrested late Monday on arrival from Luxembourg, just days after former Kaupthing boss Hreidar Mar Sigurdsson, along with Magnus Gudmunsson, who headed the bank’s unit in Luxembourg, were taken into custody.

    The 49-year-old Einarsson, who lives in London, said late Tuesday he had no plans to travel to Iceland to be arrested.

    1. Richard Kline

      Johannesson, Einarsson, Sigurdsson, and all the rest have had to have known for nearly three eyars down to the soles of their feet that they were going to be sued in multiple jurisdictions, and likely indiceted anywhere their chopshops had significant business. No one needs to cry for them, no. They all should have been book and jailed pending trial long since. Their enterprises borrowed and gambled with huge sums of other peoples’ money, and left the bill for the bust to their country, from which they all fled months and months ago.

      The wheels of justice grind &etc., &etc. Let’s get ON with this . . . .

    2. ndk

      Isn’t it adorable that none of them actually lives in Iceland?

      The 49-year-old Einarsson, who lives in London, said late Tuesday he had no plans to travel to Iceland to be arrested.

      What a tough guy. Loot your homeland and country, and when they finally get your indictment assembled, you stay in London. Why, you make Marc Rich look honorable by comparison.

      And I agree, of course: three cheers for Iceland pursuing their financial wizards and locking them up where they’ll have no use for money for a long, long time.

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