Bannon out as Trump chief strategist

Yahoo – AFP, August 18, 2017

Steve Bannon, the former head of ultra conservative outlet Breitbart News, has
been described as being the nucleus of one of several competing power centers
in what has been a chaotic White House (AFP Photo/Brendan Smialowski)

Washington (AFP) - President Donald Trump on Friday finally parted ways with controversial far-right chief strategist Steve Bannon, after weeks of speculation and as the administration reels from the fallout over Trump's response to a violent white supremacist rally.

Seen as the driving force behind Trump's nationalist-populist agenda -- making him a hero of the so-called "alt right" and a bete noire for centrists -- Bannon's presence at the White House has been contested from the start.

He was the latest in a series of high-profile casualties in Trump's inner circle, including press secretary Sean Spicer, chief of staff Reince Priebus and communications director Anthony Scaramucci.

With Trump under fire from all sides for insisting anti-racism protesters were equally to blame for violence stemming from a weekend rally staged by neo-Nazis and white supremacists in Charlottesville, Virginia, the president faced renewed pressure to let go of his firebrand aide.

In announcing the 63-year-old Bannon's departure, the White House did not specify whether he had resigned or -- as was widely reported -- was forced out.

"White House Chief of Staff John Kelly and Steve Bannon have mutually agreed today would be Steve's last day," Trump's press secretary Sarah Sanders said in a statement. "We are grateful for his service and wish him the best."

From Goldman to Breitbart to West Wing

Labelled a white supremacist by his critics, the one-time Goldman Sachs investment banker and former head of ultra conservative outlet Breitbart News joined the Trump campaign less than three months before the November 2016 vote and was credited with playing a major role in the real estate magnate's upset victory over Hillary Clinton.

Having privately boasted about handpicking Trump's cabinet, he went on to become the nucleus of one of several competing power centers in what has been a chaotic West Wing.

But Bannon reportedly fell into disfavor for allegedly leaking stories about White House colleagues who he felt did not sufficiently adhere to his populist agenda.

The president's new chief of staff, Kelly, had reportedly warned he would not tolerate what he saw as Bannon's behind the scenes maneuvering.

Bannon had earlier this year lost his coveted place on the National Security Council, which decides issues of war and peace.

And the president -- said to have grown increasingly irritated by Bannon's high profile -- was reportedly furious about an interview his aide gave this week to a left-leaning publication in which he contradicted the Republican billionaire's position on North Korea.

The New York Times quoted a person close to Bannon as insisting the parting of ways was his own idea, and that he had submitted his resignation on August 7, to be announced at the start of this week -- but that it was delayed by the chaotic developments of recent days.

Bannon's departure came as the US president faced a firestorm of criticism over his failure to unequivocally rebuke the white supremacists who rallied in Charlottesville.

That unrest ended when a suspected Nazi sympathizer drove his car into a crowd of counter-protesters, killing 32-year-old Heather Heyer.

Trump who rose to political prominence by casting doubt on whether Barack Obama, America's first black president, was born in the United States, did condemn neo-Nazis and the Ku Klux Klan on several occasions this week, but many across the political spectrum say he did not go far enough.

The honeymoon is definitely over. #Trump, the businessman president, begins to lose CEO support https://t.co/FTPMIleNsE pic.twitter.com/ltEc7aMdBc

— AFP news agency (@AFP) August 16, 2017

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Barroso must not divulge secrets to Goldman Sachs: EU

Yahoo – AFP, July 12, 2016

Barroso must not divulge secrets to Goldman Sachs: EU

Brussels (AFP) - The European Commission said Monday its former head Jose Manuel Barroso will be bound by EU rules of professional secrecy at his controversial new job for US investment bank Goldman Sachs.

The bank has hired Barroso, who headed the executive of the 28-nation European Union from 2004 until 2014, as an advisor on the British public's June 23 vote to leave the EU, drawing fire from leftist politicians in Europe.

"All former members of the (commission) will remain bound by the obligations of integrity, discretion and professional secrecy" by EU law, Commission spokesman Margaritis Schinas told a press conference in Brussels.

He cited EU laws under which former commission members can lose their rights to pensions or benefits if they fail to respect strict conflict-of-interest rules even after leaving their jobs.

Barroso did not have to inform his successor Jean-Claude Juncker about the job because he had been through an 18-month "cooling off" period since leaving the EU and it was safe to assume he no longer had access to privileged information or influence, Schinas said.

"President Juncker was informed after the decision was announced. There was no formal obligation for notification," Schinas said, adding that it was via phone call from Barroso.

"But once the transition is made from the public to the private sector there are very precise articles of the treaty which must be respected," he added.

"And we have a duty as a commission to ensure these articles are respected," said Schinas.

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Cruz upsets Trump in Iowa as Clinton claims narrow victory

Yahoo – AFP, Michael Mathes, 2 February 2016

Democratic presidential candidate Hillary Clinton thanks supporters during a 

campaign rally at Drake University in Des Moines, Iowa, on February 1, 2016

(AFP Photo/Win McNamee)

Des Moines (United States) (AFP) - US presidential hopefuls trained their sights on New Hampshire and beyond Tuesday, with conservative Ted Cruz keen to build on his dramatic Iowa victory over Donald Trump, and Democrat Hillary Clinton reminded that she is not politically invincible.

Republicans in the rural state backed the ultraconservative Cruz for their party's nomination, leaving a humbled Trump in second place just ahead of Senator Marco Rubio, according to nearly complete results given by the party.

Republican presidential candidate Donald

 Trump addresses his supporters in Des

 Moines, on February 1, 2016 (AFP Photo/

Jim Watson)

Clinton for her part was battled into a virtual tie with rival Bernie Sanders, as Iowans held the inaugural vote of the 2016 White House race.

While the Clinton campaign claimed victory in a middle of the night statement, the Iowa Democratic Party placed her slightly in the lead but said there were still outstanding results in one precinct.

"The results tonight are the closest in Iowa Democratic caucus history," party chair Andy McGuire said in a statement.

Iowans flocked to churches, school gymnasiums and libraries to be the first voices officially heard in the boisterous months-long nominating process that leads to Election Day on November 8.

"To God be the glory!" exclaimed Cruz, claiming victory with 27.7 percent of the vote and staking his claim to be the new standard bearer of the right.

"Tonight is a victory for courageous conservatives across Iowa and all across this great nation," he said, clearly pleased that his heavy investment in campaigning in the deeply conservative state had paid off.

And just like that, many of the candidates including Trump and Rubio pulled up stakes, whisked away on their jets to New Hampshire where they will hit the ground running Tuesday.

Cruz will be aiming to capitalize on his sudden momentum while Sanders will be returning to what can safely be described as his home turf, and the potential to land a hammer blow against the former secretary of state and her dreams to be America's first female commander in chief.

Trump, who endured a tough night for a brash real estate magnate whose very brand is built on the concept of winning, will need to prove whether he can win in New Hampshire, where he holds a clear lead in the polls.

But his modest tally in Iowa -- just above 24 percent -- in the first vote since months of unprecedented wall-to-wall media coverage of Trump, raises serious questions about whether showmanship can be a winning presidential strategy.

John Hathaway shows his hat that has been signed by all the candidates for US

 president during a campaign event for Republican presidential candidate Jeb

 Bush in Des Moines, Iowa, February 1, 2016, ahead of the Iowa Caucus. (AFP 

Photo/Jim WATSON)

A second hiccup, in New Hampshire, would spell political disaster for the billionaire.

"He's the big loser tonight," David Redlawsk, a professor at Rutgers University who was in Iowa for the caucuses, told AFP.

"Iowa didn't quite say you're fired, but it was certainly not ready to hire him."

Trump sought to brush off his loss, saying he was "honored" to finish as he did after being given no chance to win Iowa at the outset.

"I was told by everybody, 'Do not go to Iowa. You couldn't finish in the top ten'," he told supporters. "I said 'I have to do it'."

Trash the establishment

Rubio, whose star has risen in recent weeks, tried to capitalize on a strong showing and his status as the top mainstream Republican. He earned more than 23 percent, according to the nearly complete party results, essentially confirming that the Republican battle is no longer just a two-man race.

"Tonight we have taken the first step but an important step towards winning this election," said Rubio, clearly over the moon about finishing just one point behind The Donald.

Iowa Democrats also showed their doubt in their party frontrunner, with Clinton in a dead heat with Sanders, who has railed against Wall Street and money in politics.

Republican presidential candidate Ted 

Cruz claimed victory in Iowa with with 27.7 

percent of the vote (AFP Photo/

Timothy A. Clary)

With 99 percent of precincts reported, Clinton was on 49.9 percent and Sanders 49.6 percent.

Despite the razor thin margin, Team Clinton was declaring victory.

Sanders disagreed.

"What Iowa has begun tonight is a political revolution," said Sanders, a Vermont senator, as he focused on building a movement around campaign finance reform and a more equitable society.

"So you guys ready for a radical idea? Well, so is America," Sanders said to cheers.

Clinton had been looking to lay to rest the demons of 2008, when she lost in Iowa to now-President Barack Obama, and pursue her quest for history by dealing a solid blow to her upstart challenger.

But she now faces another tough battle in Sanders' backyard, New Hampshire.

Clinton may be seeking to merely tread water for this next week, until the race shifts to South Carolina and Nevada, where she has commanding leads in the polls.

After that, there are several key votes in southern states, where Redlawsk said Sanders may have a tough time appealing to the region's Democrats, who are traditional more conservative.

For many long-shot candidates, Iowa has spelled the end of the road.

Republican Mick Huckabee announced he was suspending his campaign, as did Democrat Martin O'Malley.

White House race wide open as upstarts rattle Trump, Clinton https://t.co/l8D61EiJzq #USvoteAFP #IowaCaucusresults pic.twitter.com/eEpPynoJEm

— AFP news agency (@AFP) February 2, 2016

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"Recalibration of Free Choice"–  Mar 3, 2012 (Kryon Channelling by Lee Carroll) - (Subjects: (Old) Souls, Midpoint on 21-12-2012, Shift of Human Consciousness, Black & White vs. Color, 1 - Spirituality (Religions) shifting, Loose a Pope “soon”, 2 - Humans will change react to drama, 3 - Civilizations/Population on Earth,  4 - Alternate energy sources (Geothermal, Tidal (Paddle wheels), Wind), 5 – Financials Institutes/concepts will change (Integrity – Ethical) , 6 - News/Media/TV to change, 7 – Big Pharmaceutical company will collapse “soon”, (Keep people sick), (Integrity – Ethical)  8 – Wars will be over on Earth, Global Unity, … etc.) - (Text version)

“…5 - Integrity That May Surprise…

The Unthinkable… Politics, A Review

Humans will begin to search for integrity and fairness and it's going to happen in the places you never expect. I said this last week, so this is a review. There'll come a time when you will demand this of your politics - fairness and integrity. So when the candidates start calling each other names, you will turn your back on them and they won't get any votes. They're going to get the point real fast, don't you think? How about that?

Let me give you another potential. This country that I sit in right now [USA] will set the mold for that particular attribute. I have no clock. Watch for the youngsters to set this in motion, and they will, for they are the voters of tomorrow and they do not want the energy of today. To some of them, it's so abominable they won't even register to vote in this energy. You're going to see this soon. That was number five.. ..."

Libor scandal: Seven banks summoned in US probe

BBC News, 15 August 2012 

Barclays was fined for trying to
manipulate the Libor rates

Seven banks, including HSBC and Royal Bank of Scotland, are to be questioned in the US for alleged manipulation of the Libor inter-bank lending rate.

The other banks receiving subpoenas by the New York attorney general are Barclays, Citigroup, Deutsche Bank, JPMorgan and UBS.

Last month, Barclays was fined £290m by UK and US regulators for rigging Libor.

Some of the world's biggest banks have been embroiled in a number of scandals in recent months.

Following the Barclays fine, US regulators said they were investigating a number of other banks for potential Libor rigging.

A government-ordered review into Libor is currently being conducted by the managing director of the Financial Services Authority, Martin Wheatley.

The Wheatley review is examining how the Libor rate, the benchmark interest rate for trillions of financial contracts including some mortgages, is calculated and regulated.

The current Libor system is no longer a "viable option", Mr Wheatley said.

Libor is calculated using rates submitted by a group of leading banks who estimate how much it costs them to borrow in 10 currencies and 15 lengths of loans, ranging from overnight to 12 months.

There have been a series of allegations over the trading policies of banks in recent months.

Bank woes

On Tuesday, Standard Chartered agreed to pay $340m (£217m) to New York regulators to settle claims that it hid transactions worth $250bn with Iran.

Standard Chartered shares rallied on Wednesday after it agreed to settle the claims, after the institution had been threatened with having its US banking licence revoked.

Last week, New York's DFS alleged that the US unit of the bank had illegally hidden 60,000 transactions with Iran worth $250bn over nearly a decade.

It accused the London-based bank of being a "rogue institution" for breaking US sanctions against Iran.

The bank's chief executive Peter Sands.

HSBC has also been accused of failing to prevent money laundering by the US Senate.

According to the Senate report, the US unit of HSBC carried out 28,000 undisclosed sensitive transactions between 2001 and 2007, an internal audit commissioned by the bank found. The vast majority of those transactions - worth $19.7bn - involved Iran.

As for Barclays, the Libor scandal led to the resignation of chief executive Bob Diamond as well as chairman Marcus Agius.

Last week, Sir David Walker was appointed as the new chairman.

He said he wants to review the way the bank operates and will begin his search for a new chief executive "within days".

Sir David is a senior banker who led the 2009 government inquiry into the rules governing how banks are run.

RBS has already admitted it is being investigated for fixing Libor.

It said: "RBS Group continues to receive requests from various regulators investigating the setting of libor and other interest rates.

"We are cooperating with the investigations and are keeping relevant regulators informed."

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Moody's cuts credit ratings on 15 major banks

Associated Press, by Pallavi Gogoi, Jun. 21

NEW YORK (AP) — Moody's Investors Service has lowered the ratings of some of the world's largest banks, including Bank of America, JPMorgan Chase, Citigroup and Goldman Sachs.

The ratings agency said late Thursday that the banks were downgraded because their long-term prospects for profitability and growth are shrinking.

The ratings agency said it was especially concerned about banks with significant capital market activities during a time of increased volatility in markets.

A downgrade usually means that it becomes more costly for banks to raise money by selling debt. Investors demand higher interest for riskier debt, which is what the downgrades represent.

Moody's had said in February that it was considering downgrading the credit ratings of major banks.

Gupta trial could feature big corporate stars

Reuters, by Grant McCool and Jonathan Stempel, NEW YORK, Thu May 17, 2012

Rajat Gupta, a former director of Goldman Sachs Group Inc., exits

 Manhattan Federal Court in New York February 7, 2012. (Credit: Reuters/

Brendan McDermid)

(Reuters) - Lloyd Blankfein, Warren Buffett and other well-known chieftains of corporate America might be called to testify at the insider trading trial starting on Monday of former Goldman Sachs Group Inc (GS.N) and Procter & Gamble Co (PG.N) director Rajat Gupta.

Blankfein, who runs Goldman, and Buffett, who runs Berkshire Hathaway Inc (BRKa.N) (BRKb.N), are among dozens of people that lawyers for the government and for Gupta said on Thursday might be mentioned or might testify at the trial, which is expected to last about three weeks.

Others on proposed witness lists filed on Thursday in the Manhattan federal court are A.G. Lafley, a former P&G chairman and chief executive, and Kenneth Chenault, the chairman and chief executive of American Express Co (AXP.N) and a P&G director.

Gupta, the former chief of consulting firm McKinsey & Co, is the most prominent corporate executive charged in a government crackdown on insider trading centered on hedge funds.

He was charged last October with leaking confidential information to his onetime friend, Galleon Group hedge fund founder Raj Rajaratnam, while serving on the Goldman and P&G boards in 2007 and 2008.

Gupta, 63, denies the charges, and has pleaded not guilty to five counts of securities fraud and one count of conspiracy. If convicted, he could face up to 25 years in prison.

His main lawyer, Gary Naftalis argues that the government's case is circumstantial and speculative.

Blankfein testified for the government at last year's high profile trial of Rajaratnam, saying that disclosure of boardroom talks by Gupta violated Goldman's confidentiality policies.

He spoke after jurors heard a wiretapped recording in which Gupta and Rajaratnam discussed Goldman's possibly buying a bank or insurer.

Rajaratnam was convicted and is serving an 11-year prison term, the longest sentence for insider trading in the United States.

Prosecutors have accused Gupta of giving Rajaratnam advance knowledge of Berkshire's $5 billion investment in Goldman at the height of the 2008 financial crisis and Goldman's surprise fourth-quarter loss that year.

They have also accused Gupta of providing non-public information in January 2009 about P&G's quarterly results and in June 2008 about that company's sale of its Folgers coffee unit to J.M. Smucker Co (SJM.N).

MORE THAN 100 NAMES

The defense list names 116 individuals and the government listed 51 people. A small number will actually testify at trial.

Among the other executives named on both lists are David Viniar, Goldman's chief financial officer and Gary Cohn, Goldman's chief operating officer.

Jon Moeller and Mark Belgya, respectively the chief financial officers of P&G and Smucker, are also on both lists. Buffett's name appears only on Gupta's list.

Goldman spokesman Michael DuVally declined to comment. Smucker spokeswoman Maribeth Baertscher said it is cooperating with the government on the Gupta case and that Belgya "has agreed to appear as a witness at the government's request."

P&G spokesman Paul Fox had no immediate comment. American Express spokeswoman Marina Norville declined to comment. Carrie Kizer, an assistant to Buffett, did not immediately respond to a request for comment.

The trial begins Monday before U.S. District Judge Jed Rakoff with jury selection and possibly opening arguments. The first government witness could be called on Monday or Tuesday.

Gupta suffered a blow on Wednesday when Rakoff said he intended to let jurors hear four wiretapped conversations, including the conversation between Gupta and Rajaratnam played at last year's trial.

The case is USA v. Gupta, U.S. District Court for the Southern District of New York, No. 11-907.

(Reporting by Grant McCool and Jonathan Stempel; editing by Andre Grenon)

Goldman Sachs Chairman and CEO Lloyd Blankfein testifies before the

 Senate Homeland Security and Governmental Affairs Investigations Subcommittee

 hearing on ''Wall Street and the Financial Crisis: The Role of Investment Banks'' 

on Capitol Hill in Washington April 27, 2010. (Credit: Reuters/Jason Reed)

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$1.6 billion in missing MF Global funds traced

CNN News, By James O'Toole @CNNMoney April 24, 2012

Terry Duffy, the head of exchange operator CME Group, testifies about
the collapse of MF Global on Capitol Hill Tuesday.

NEW YORK (CNN Money) -- Investigators probing the collapse of bankrupt brokerage MF Global said Tuesday that they have located the $1.6 billion in customer money that had gone missing from the firm.

But just how much of those funds can be returned to the firm's clients, and who will be held responsible for their misappropriation, remains to be seen.

James Giddens, the trustee overseeing the liquidation of MF Global Inc, told the Senate Banking Committee on Tuesday that his team's analysis of how the money went missing "is substantially concluded."

"We can trace where the cash and securities in the firm went, and that we've done," Giddens said.

MF Global failed last year after its disclosure of billions of dollars worth of bets on risky European debt sparked a panic among investors. About $105 billion in cash left the firm in its last week, Giddens said, as clients withdrew their funds and trading partners called for increased margin payments, leaving the firm scrambling to make good on its obligations.

It has since emerged that MF Global tapped customer funds for its own use during this crisis and failed to replace them, in violation of industry rules.

Roughly $700 million of the missing money is now locked up with MF Global's subsidiary in the United Kingdom, where Giddens and his team are engaged in litigation to have it returned to U.S. customers. Giddens said he is "reasonably confident" that these funds will be recovered, though he added that it will be a lengthy process with no guarantee of success.

Another $220 million was transferred inadvertently from the accounts of securities customers to those of commodities customers. That money is now in limbo amid a dispute over which customers it belongs to, said Kent Jarrell, a spokesman for Giddens.

The final $680 million or so was transferred to other financial institutions with which MF Global did business, including a substantial portion that went to JPMorgan.

Giddens said his team has "a solid basis for seeking the recovery of some of the funds that were transferred to JPMorgan," and is engaged in ongoing talks on the issue. JPMorgan did not immediately return a request for comment.

Sorting through the MF Global debacle

Giddens' team is just one among a number of groups probing MF Global's collapse. There's also Louis Freeh, the trustee for MF Global's parent company, as well as the Department of Justice and federal regulators including the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Jill Sommers, a commissioner with the CFTC, told the hearing Tuesday that she could not disclose details of the commission's investigation, but said the case could lead to enforcement actions against the company or the individuals involved.

The SEC and CFTC can only seek civil penalties and restitution for customers, but their findings could help form the basis of a criminal case brought by the Justice Department.

Giddens, for his part, has said he may file civil claims against MF Global executives alleging breach of fiduciary duties and violations of federal law governing commodities trading. A person familiar with the trustee's probe said Jon Corzine, a former U.S. senator and Democratic governor from New Jersey who was CEO of MF Global when it collapsed, is among those against whom Giddens is considering action.

So far, most of MF Global's thousands of former customers have recovered about 70% of their money, while those that traded on foreign exchanges are missing nearly all of it.

On Tuesday, a bankruptcy judge in Manhattan authorized an additional distribution of $685 million that will bring most customers up to around 80% of what they're owed. Six months after the firm's failure, however, they're still waiting for someone to be held accountable.

"Crimes have been committed here without a doubt," said James Koutoulas, an attorney and trader who has been advocating on behalf of MF Global customers.

"We think there are enough facts out here to start arresting people and start filing charges."  

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Goldman Sachs Sex Trafficking Controversy: Company Sells Stake In Village Voice Media For Promoting Under-Age Sex Trade

The Huffington Post, (Reuters), Apr 1, 2012

NEW YORK, April 1 (Reuters) - A private equity fund run by Goldman Sachs Group Inc, under fire over its business ethics, has agreed to sell back its stake in a media company that critics say facilitates sex trafficking.

GS Capital Partners III on Friday signed a deal to sell its 16 percent stake in Village Voice Media, which owns the website Backpage.com, back to management, a Goldman spokeswoman said Sunday.

The divestiture is the latest development in a growing controversy over online adult advertising that has pitted celebrities, law enforcement officials, members of Congress and a New York Times columnist against Village Voice Media, a private media company that has the largest share of revenue in the United States from online advertising of adult services.

The fund began negotiations with Village Voice Media in March, after deciding in 2010 that it had grown "uncomfortable with the direction of the company," and Goldman's inability to influence its operations, said Andrea Raphael, a Goldman Sachs spokeswoman.

Raphael said the fund invested $30 million in the Village Voice in 2000. The investment was converted into a 16 percent minority stake when the Village Voice merged with New Times Inc in 2006. She declined to disclose the sale price, but said the fund lost the "vast majority" of its investment.

Elizabeth McDougall, general counsel for Village Voice Media, said on Sunday that the media company has no plans to shut down its adult advertising section of Backpage.com.

Some critics claim that Backpage.com facilitates the trafficking of underage prostitutes and sex slaves, although others question that.

The media company has responded aggressively, challenging critics' data with editorial investigations and claiming that it goes to far greater lengths than competitors in cooperating with law enforcement and monitoring its ads for illegal activity.

In September, 2010, public pressure - including a letter from 17 of the nation's attorneys general, led the all-purpose online classifieds website Craigslist to shutter its lucrative adult section. Much of the advertising appears to have moved to Backpage.com.

Online prostitution advertising generated at least $3.1 million in revenue in February, on five U.S. websites, an increase of 9.8 percent from a year earlier, according to interactive media and classified advertising consultant AIM Group. Nearly 80 percent of the revenue was attributed to Backpage.com, AIM said in a report published March 22.

The Goldman Sachs sale was first reported in a New York Times column on Saturday by Nicholas Kristof, who told Reuters that when Goldman learned last week he was investigating the media company's interests, it "moved with record speed to unload their stakes" in Village Voice Media.

The Wall Street bank has attracted recent criticism over conflict of interest and other ethical questions, particularly since an op-ed in the New York Times by a former Goldman Sachs banker whose critique of a culture of greed went viral. 

DRIVING ADS UNDERGROUND

Some law enforcement authorities say that of the hundreds of websites that host adult ads, Backpage is the most high-profile.

"In every case of sex trafficking that the Brooklyn District Attorney has, the girl was involved with Backpage.com at some point or another," said Jerry Schmetterer, spokesman for Brooklyn District Attorney Charles Hynes.

But McDougall, who was hired by Village Voice Media in February after representing Craigslist during the controversy that led the site to shut down it's adult section, rejected demands that the site shut down its adult section.

She said to do so would be 'counter-productive' to law enforcement efforts to investigate and prosecute child prostitution and sex trafficking, in that it would drive the ad traffic to host sites that operate offshore, outside the reach of U.S. authorities.

McDougall said that Backpage.com cooperates extensively with law enforcement and missing children groups.

In 2011, Backpage.com reported 2695 cases of suspected child trafficking to the National Center for Missing and Exploited Children, according to January, 2012 testimony of NCMEC president Ernie Allen.

Backpage.com also posts lists for hundreds of other classified advertising throughout the country.

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Goldman Sachs director quits 'morally bankrupt' Wall Street bank

Goldman Sachs director quits 'morally bankrupt' Wall Street bank

Greg Smith resigns as executive director of Goldman's European equity derivatives business after devastating attack

guardian.co.uk, Juliette Garside, Wednesday 14 March 2012

An Occupy protester makes their views known on Goldman Sachs.
Photograph: Dan Dennison/Rex Features 

A Goldman Sachs director in London has resigned after publishing a devastating open letter accusing senior staff of being "morally bankrupt" and bent on extracting maximum fees from clients by offloading unsuitable investment products.

Greg Smith, who has left his post as executive director of the firm's equity derivatives business in Europe, claimed that chief executive Lloyd Blankfein and president Gary Cohn have "lost hold of the firm's culture on their watch". He added that "this decline in the firm's moral fibre represents the single most serious threat to its long-run survival"..

Smith's charges, which were swiftly denied by the bank, were published in Wednesday's New York Times.

Smith, who joined Goldman as a summer intern and worked at the firm for 12 years, first in New York and then in London, claimed managing directors repeatedly referred to their clients as "muppets", sometimes over internal email.

"I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It's purely about how we can make the most possible money off them."

Selected as one of 10 people, out of a firm of 30,000, to appear in a Goldman recruiting video which is played on college campuses around the world, Smith has hired and mentored new recruits and managed a summer intern programme for the bank.

"I knew it was time to leave when I realised I could no longer look students in the eye and tell them what a great place this was to work," he wrote.

He said junior analysts are absorbing a culture in which the most important question is "how much money did we make off the client?", and that hearing talk of "muppets," "ripping eyeballs out" and "getting paid" will not turn them into "model citizens".

"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an axe murderer) you will be promoted to a position of influence."

In response, Goldman Sachs denied that Smith was giving an accurate view of life at the company.

"We disagree with the views expressed, which we don't think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves," the bank said.

Fast-track to promotion

Smith claims to have advised five the largest US asset managers, Middle East and Asian sovereign wealth funds, and the world's two largest hedge funds. His letter did not name them, but Bloomberg ranks Man Group and Bridgewater Associates as the biggest hedge funds.

He claims the fast-track to a Goldman promotion involves persuading clients to invest in stocks or other products "that we are trying to get rid of because they are not seen as having a lot of potential profit"; getting clients to trade "whatever will bring the biggest profit to Goldman" – referred to internally as hunting elephants and securing a job trading "any illiquid, opaque product with a three-letter acronym".

Goldman has lost the "secret sauce" that allowed it to endure for 143 years and is at risk of losing its clients' trust, wrote Smith: "Goldman Sachs is one of the world's largest and most important investment banks and it is too integral to global finance to continue to act in this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for."

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FBI sees more hedge fund trading probe informants

The Large Families that rule the world


"Recalibration of Free Choice"–  Mar 3, 2012 (Kryon Channelling by Lee Caroll) - (Subjects: (Old) Souls, Midpoint on 21-12-2012, Shift of Human Consciousness, Black & White vs. Color, 1 - Spirituality (Religions) shifting, Lose a Pope “soon”, 2 - Humans will change react to drama, 3 - Civilizations/Population on Earth,  4 - Alternate energy sources (Geothermal, Tidal (Pedal wheels), Wind), 5 – Financials Institutes/concepts will change (Integrity – Ethical) , 6 - News/Media/TV to change, 7 – Big Pharmaceutical company will collapse “soon”, (Keep people sick), (Integrity – Ethical)  8 – Wars will be over on Earth, Global Unity, … etc.)  - New !