Category Archives: Media watch

Joe Firestone: The New York Times Soft-Pedals the Dangers of the TPP

While the New York Times did a public service by joining Wikileaks in publishing a draft chapter of the TPP, the accompanying article is quite another matter. Joe Firestone has taken it upon himself toshred analyze it. The sad reality is that the Times is never going to oppose neoliberalism in a serious way.

Read more...

The Mitt Romney Connection: How the Scammers Behind Virgin Gold Mining Corporation Bit Off More Than They Could Chew (VII)

… while FBI agents, moved from white collar fraud investigations, help search behind bushes for an Al Qaeda terrorist, hundreds of swindlers roam Utah. – Lynn Packer, utahpoliticalcapitol.com Mitt would make a good Moses. Think about it. – Former Romney campaign official By Richard Smith Let’s start in 2006, with one of The Seattle Times’ […]

Read more...

The Boston Globe Covers Up for Wall Street, Ignores Swaps Losses in Coverage of MBTA Turmoil

A new Boston Globe story, The T’s long, winding, infuriating road to failure, purports to be “the true story of the breakdown,” a “a decades-long tale of grand ambitions and runaway costs.”

Funny how this 2500 word article makes nary a mention of the huge losses that the Boston Metropolitan Transit Authority made, along with many other easily duped transit authorities, on swap transactions that went massively against them in an environment of seemingly permanent low interest rates.

Read more...

Did New York Times’ Dealbook Throw a Source Under the Bus in TPG Suit Against Ex-Employee/Ex-White House Staffer?

If a lawsuit filed yesterday by TPG is to be taken at face value, the private equity kingpin has been the subject of a nasty extortion attempt by a vengeful now former employee, Adam Levine. Levine allegedly not only threatened to use his PR clout to bring down the firm, but purloined confidential materials from TPG’s systems and doctored at least one before sending it to a reporter at New York Times’ Dealbook. And TPG further claims it had good reason to be worried because Levine asserted that it was his grand jury testimony, shortly after he left the Bush White House as a member of its communications team, that brought down Scooter Libby.

But the real bombshell in the filing is the way that the New York Times’ Dealbook looks to have thrown Levine, an alleged source, under the bus.

Read more...

Is Power8, Sponsor of Everton FC, Fulham FC and RCD Espanyol, a Giant Ponzi?

Yves here. Richard Smith is on the trail of what looks to be his biggest international scam find ever, orders of magnitude larger than the usual below the radar single to low double digit million dollar/pound/euro operation that he has ferreted out in the past. And mind you, even though he focuses on the dubious looking inter-corporate relationships and the often evident lack of normal investors protections and business substance, these companies sell hope and glamour to typically credulous retail investors who lose their money and have no recourse.

Read more...

Private Equity Miscreant Freeman Spogli Illustrates Investor and SEC Cowardice

Gretchen Morgenson of the New York Times released an important story over the holiday period on how a mid-sized private equity firm, Freeman Spogli, with $4 billion under management, was found to have made serious violations of its investment agreement. The SEC’s fund examination unit stated that Freeman Spogli, in two of its older funds, FS Equity Partners V (“FS V”)and FS Equity Partners VI (“FS VI”), looked to have repeatedly violated of fee-sharing agreements and to have operated as an unregistered broker-dealer. It asked for Freeman Spogli to make full restitution of the failure to reduce management fees and provide evidence that required reimbursements that looked to have been, um, ignored were actually made.

While Morgenson has done a fine job of presenting the facts of the case, we beg to differ with her as to some of the inferences she draws. She sees this case as a real step forward for investors. We see it as showing how loath both investors and the SEC to take serious action even in the face of clear-cut evidence of misconduct.

Read more...

Bill Black: Obama and Holder Choose Banksters Over Whistleblowers

Yves here. At this point, the Obama administration’s fealty to banksters is a “dog bites man” story. Nevertheless, it’s useful to catalogue particular incidents to show how consistent its behavior is. The latest case study is its shoddy treatment of whistleblowers.

Read more...