scale war. from turning to lekas truth and denmark's military top brass whistle blows to reveal facts of its troops alleged involvement in prisoner abuse in iraq after being denied any information by nato and the us. always war. i'm asking as are welcome to the kaiser report yeah well j.p. morgan turns out they own the paper on this studio and they're threatening to

foreclose so i don't know how much longer we're going to be in this studio we're looking to go to asia maybe hong kong or singapore if they have any ideas i mean e-mail comes a report and r t t v are you going to be getting some souvenirs of the studio while we still have the jets because this is going to be an epic souvenir this is the famous tabletop there was a big conference call about this tabletop oh like long oh mark gone what will we all do about it let's go to state server stacey tells more of the news max actually i have some news here that. really captures the total global problem with monarchs all the guards and the absence of any justice for the ninety nine point nine percent of us that are peasants so first there's an article about a viral campaign in china and it's my father is league getting league gang is

apparently a deputy chief of police near beijing and his son ran over to peasant university students killing one of them but because when he saw the roadblock which was trying to stop the killer and the hit and run driver he drove up to the roadblock and said my father is legal and they let him through well i'll try that when j.p. morgan comes to foreclose my father is legal to lock the door my father is legal we're just trying to do the other story that totally relates to this so here is this young guy who gets away with murder because his father is connected to the ruling party. in the same exact herald tribune i think you own cool sound this is from warren buffett he's thanking the government for bailing out all of the banks in particular he mentions tarp so he said if it hadn't been for them rescuing the financial system there would be chaos and there would be rude but of

course we know that sam's only his uncle sam is not our uncle but warren buffett's reputation at stake in the tremendous beating because the manipulate the market during tarp one of the subsidiaries why kobe involved in hundreds of millions of dollars of the drug laundering from mexican drug cartels is a cohort charlie munger was caught telling people on television suck it up get a job you loser even though he's white bird from the gutter who warren buffett to p.t. on as part of some friend relationship and all kinds of folks barry ritholtz over there the big picture dot com just wrote a very scathing piece against warren buffett he's always been held up as a model capitalist and it's it's for some people it's disheartening to find out that he's just another financial terrorist another scum another guy who's just milking and building the public he'd come on the show if he had some but i'm sure down there in omaha he stays away from the madding crowd too soon be showing up with their pitchforks well of course warren buffett has also famously defended the

practice of naked short selling and this takes us to our own viral campaign which is crass j.p. morgan by silver now the reason why i wear encouraging people to buy just one ounce of silver is that j.p. morgan is uncle sam they are more than anybody connected to uncle sam and they've been naked shorting selling silver that they don't own in order to suppress the price so we've been sentenced some more video this video this so first time let's look at one bank next cars or has a plan to crash j.p. morgan all we have to do is buy one else of physical silver. good job one banki. you tube revolution by one ounce of silver put j.p. morgan six feet under and here is the one which is slightly pornographic mamma must j.p.

morgan and that thanks to. your how much you. know. i try. so she's purchasing her silver there every time j.p. morgan drives the price then there's another series called silver queen which is even a bit more risque so the search for silver coins is making a special dedicated so recalling video just for the crass j.p. morgan by silver campaign all we need is about five percent of the world's population to buy one silver coin that's all we need to do and j.p. morgan stock about is zero jamie diamond and charlie munger will be out sweeping floors where they should be concerned that no skills whatsoever other than extortion and financial terrorism well here's another viral video campaign against j.p. morgan in the headlines not because bruce marks goes postal at j.p. m. cronie during yesterday's foreclosure hearing so this was when david lohman who's

head of their lending division was speaking before the senate committee headed by chris dodd member friend of angelo month fellow my father is league gang my uncle is sam and i'm a friend of angelo mozilo yeah countrywide extortion is billions ripped off slap in the rest nothing penalty whatsoever financial cherish it being on government's asleep obama's asleep forget the hope we want the real dope so here you see david loman speaking before the senate committee and he is explaining that chase is trying as hard as they can to help all those being foreclosed upon in america and in the background is bruce marks who is the head of neighborhood assistance corporation of america which tries. for well over the past decade to try to help low income households foreclosures was significant hardship. you. know they're hurting right. here.

a lot. so this is one zero hedge called going postal bruce why go to a gun fight with a knife ok you never got to conquer j.p. morgan they're plugged into the government there's no rule of law the plaza jamie diamond and j.p. morgan that if they get caught doing something that goes well fine or they just write a new law there and they're pope the pope of fraud on wall street can't touch him i invite you and your followers to follow us by silver and crash j.p. morgan every one of your followers even though they're in foreclosure and don't have much to eat you can still afford one silver bullion going as a part of the effort to put j.p. morgan six feet under we're a red rag on your shirt to personify we will not be foreclosed upon by the friends of j.p. morgan the friends of j.p. morgan you know you are new york and london we're not going to be foreclosed upon this is my table top i book this tabletop here is the headline suggesting that

the. nephews and nieces of uncle sam are going to be rescued yet again the and the friends of angelo mozilo will also do the rescuing batten down the hatches robo signing or foreclosure scandal may threaten fundamental financial stability so we know that the robo signing scandal all these fraudulent foreclosures that were done in the us an order for j.p. morgan and and bank of america to save two bucks on that doing a legitimate foreclosure well apparently according to the tarp regulator. there is the government watchdog there warning in their report that this may cause the scandal may cause more financial instability and needing the banks to be rescued again if if there's any sort of pursuit of justice this might cause too much financial instability but you mention the two bucks that he would spend per

for closer to get it done legally and this is so typical ok why do we have nine eleven because an airline didn't want to spend two bucks on a lock that would keep the pilots you know locked behind the passenger compartment of the plane why don't we have the gulf spill because b.p.'s to git too cheap to spend a few bucks on the proper safety precautions why are we having the foreclosure nightmare because these companies don't want to spend the extra pennies to do it legally and when they get caught breaking the law there is what their solution is well let's change the law you know or let's pay a small fine and saying this is the probably got a clip talker see argentina's got nothing on geithner bernanke the obama people are instead of going out there of pots and pans like the argentinians did after they've been disenfranchised all their money went down the main boulevard of armored cars in their left nothing with their pots and pans by a little so now put j.p. morgan in the morgue. so this was the report by the congressional oversight panel and they said that the ongoing turmoil roiling mega banks and their faulty home

foreclosure practices may represent deeper more systemic problems regarding their origination transfer ownership of millions of mortgages potentially putting wall street on the hook for billions of dollars an unexpected loss oh of course there's going to be of course i mean that's the name of the game it's deflation as far as the fed's concerned to give all the money to the folks who have all the assets to make those assets worth more but they don't do anything for wages they don't it's a twin mandate of the fed is price stability in wages but somehow wages never go up and it's a problem stays here but even though we're breaking this news story globally friends of j.p. morgan moles are in this show they're in the house and we have to root them out so just so you see how all of this fraud happened remember the thing about globalization the thing about capitalism the thing about markets is supposed to create efficiencies right now take a look at this reverse engineered securitization flow chart and these are dead and

terry and they want to find out who actually own their mortgage and as you can see following all these little lives all over the place there are thousands and thousands of times each of this these mortgages are packaged repackaged sent here sent there put there put over there handled by this person handled by that corporation and each person in that sort of chain is taking a little tiny cut right that's right it's a daisy chain a fraud i mean if you went to an orgy club and the seventy plato's retreat today is jamie diamond and lloyd blankfein sticking in every orifice they possibly can with a gargantuan quantities of fraud without any lubrication and the people who are going suffering out of this are saying hey buddy why put in so much sand in there and then finally so we've seen that we have a campaign against j.p. morgan for the people to buy a coin one silver coin then there is a bruce. marks from moscow who it was sent in the senate building and you know yelled at david loan from chase and then here is finally the fall out of that back

bankruptcy and its likely effects on the u.s. investment banking and broker dealer industry so i am back i don't know if you recall during the two thousand and eight crisis they were one of the other insurers along with a i.g. that nearly collapsed a was rescued out back survive to live and die another day well apparently it collapsed without anybody really noticing it's gone bankrupt so it's in the bankrupt process at the moment but the thing is they're also they're suing many banks bank of america merrill lynch and j.p. morgan right there and j.p. morgan is now trying to squash this lawsuit because an baucus charging them with fraud right of selling them bogus mortgages that they knew were bad so j.p. morgan's got the ambac fraud case they got it just b. c. is also suing them i believe everybody is saying that along with j.p.

morgan for fraud the only manipulate this little market oh my i need to play but to keep track of all this fraud all right well when we come back from the break we're actually going to be following up on this and talk about the am back with renowned journalist terry bull don't go away stacy thanks so much for being on the kaiser report thank you matt that's going to do it for this segment stay tuned much more don't go away. for the full story we've gone to. the biggest issues get the human voice ceased to face with the news makers. will. review the leaders and science and technology from the realms where. we go to the future or covered. welcome back to the kaiser report you know you know those nasty banks on wall street and around the world the reason we got into this whole global financial

meltdown principle because they were involved in hundreds of billions and even trillions of mortgage related fraud well let's go to new york city and talk with investigator financial journalist and forbes contributor terry bull terry won't come back to the kaiser reports hi max is great to see you great to see you again terry ball back has filed for bankruptcy tell us about him back who are they what bankrupted them and what is j.p. morgan's relationship with those ambac was one of our larger insurers residential mortgage backed securities you know those toxic loans that they went out and sold and told you that were aaa rated and everyone should buy. back when and sold a bunch of banks a bunch of headphones that bunch of pension funds insurance that would say that these securities are great there's probably no problem with them now we know

there's a huge problem with them and am back can be the insurance basically so they're failing to file bankruptcy there was no warning that this would happen aspire back as of march and i think it's kind of interesting that it quietly happened last week and so the question is why i mean what's going on what's going on between all that time what's going on with their insurance regulators in allowing and back to to to stay let's say in business for a while while maybe they're saying you can't pay off some hedge funds you can't pay off some. some other products where they're allowing them to pay off some debt to muni bonds or to states right so and back is one of the layers in the layer cake of fraud so they are the ones who are guaranteeing some of these mortgage backed bonds with some insurance products and of course when you say insurance products

the name becomes a mine is a i.g. who was offering insurance products in the region the form of collapse of a credit default swaps which we now know are not insurance products whatsoever there's no reserve requirement on these products whatsoever they're collateralized by nothing whatsoever they're invented over j.p. morgan i guess by the life masters simply did a witch a spell and pulled some phantasmagorical nonsensical security out of nowhere and call the senate out of value we now know that's completely false so am back it's just more of the layers in the massive layer cake of fraud and though you've got j.p. morgan bear stearns suing ambac of suing these folks for accounting fraud for acting in bad faith tells a little bit about this yes and backed it and didn't do their homework ok when they were in sharing some of these products they relied on bear stearns and e.m.c. now by j.p. morgan to sell the product that the raiders said was aaa rated and to say that the

loans that they're putting in there they know are going to work out and that they're going to perform ok well am back it has now learned that bear stearns actually according to the lawsuit. knew they were putting in bad loans they knew the loans were defaulting before they even sold it to them and this is a story actually first broke on on the landing we talk about bear stearns falsifying information before it sold it to investors i am backs are insurers like i am back so if this point i mean and back let's think about in two thousand and eight files a lawsuit and says ok we have six hundred. thirty five million dollars of bad bad loans say you knew about so you need to buy these back in j.p. morgan's like no why why do we need to do this i mean they did things like according to the lawsuit that they stalled the process they did accounting fraud to

make like the loans were paying out when they weren't so that they wouldn't have to buy them back from ambac and i seriously have to wonder if ambac would have been in a situation to have to go bankrupt in the first place if it wasn't dealing with the project j.p. morgan start right well of course back in the twenty's before the crash of twenty nine morgan j.p. morgan was involved in the stock pools which was a massive accounting fraud that contribute to the crash of depression in america in the thirty's so here you have a reconstituted j.p. morgan basically engage in the same kind of accounting fraud perpetrated on the folks in america but there is no pechora commission there is no f.d.r. there is no pushback there is no rule of law what i would do the rule of law in america terry ball you nailed it max i think that we have a huge serious problem what's more interesting is that i realize that this is really their sterns they e.m.c. who started it committed the fraud but then for j.p. morgan to continue to allow it to happen why didn't they look into why these loans should be paid back how's this am back has now filed an amended complaint after

mile antic story came out they were able to get a lot more information they have internal people inside of e.m.c. willing to testify that there was a fraud inside that there was faulty practices produced diligence they just didn't do their homework in that case that's been filed in new york supreme court. they've decided to seal the documents they've got a judge to say ok you can't see this piece because it could ruin the reputations of some of the people of baron j.p. morgan or how's this they think that because somebody inside of bear wants to testify that they did something wrong that those are special trade secrets or trade . axis and i just find that absurd the judge still has a rule and if he's going to allow them to seal the case we're waiting we're waiting since about august death and what's the whole force what's going on there that in other words j.p. morgan and bear it will who bought bear stearns as part of the shotgun wedding of

the two thousand and eight three quarters of a trillion dollar heist orchestrated by hank paulson in front of congress j.p. morgan is basically getting records sealed and their argument is that our proprietary method of committing fraud that we don't want to show our competitors our proprietary method of committing fraud because that would put us in it at a competitive disadvantage of all the other banks committed fraud the way we commit fraud that's basically their argument that's the way i read the case and so i really hope that other journalists besides myself start to question if this case is sealed will still waiting to hear why why can't we see what's going on why can't we see what's being filed in a court of law ok getting to the six hundred thirty five million dollars what if it's probably like a billion dollars of damages right now let me ask you this about j.p. morgan what is their liability potentially in this case max it's personally if i am

back and when because because clearly they sold insurance also to m.b.i.a. right another huge large in share or or anyone else are i guess. if i am back in when it opens up. all of j.p. morgan's are bear stearns residential mortgage backed securities which were likely it looks like. progeny belt and think about it this way that there are people now currently going to the f.c.c. saying hey cheapie morgan doesn't have enough reserves and the f.c.c. is actually already sent a letter to them questioning j.p. morgan does not have enough reserves set aside if they are forced to buy back these lumps and if they had more reserves set aside you would see affect their earnings max their earnings would look as good and that's the other accounting game that i think is going completely on chapter right now yeah well this is a systemic throughout the entire banking system as

a none of these banks have the reserve this is why the crisis is there to begin with for example the basil to basil three requirements set up to tell banks what they should have in terms of minimal reserve requirements are routinely bypassed the reason you have collateralized debt obligations for example part of the flora and fauna of these recent curteis packard securities is to get a rating from the rating agencies based on a partial ownership of a government bond to get a aaa rating therefore according to browse will too they can use that as collateral to ever build more layers onto the fraud layer cake so it's all about gaming the system j.p. morgan they game the system because they have no business plan other than gaming the system they don't really have any business other than charlatanism that's their business fraud is their business and they have no underlying business owners telling you how to play with a fraudulent. excuse for a c.e.o. who's commits acts of financial terrorism a daily basis they don't they don't have the reserve requirements j.p.

morgan is not the reserve requirements goldman sachs' of the reserve required no you banks have minimum reserve requirements are all totally in default so why don't we just ring fence them nationalize them and euthanize them get rid of them put them out of their misery because they're just a cancer killing the us a call. ok max i probably won't go that far but i think you're about fifty percent there i think we need to look at the whole process of if you're going to sell a product guarantee a product and say if it fails i can pay and we need to take a serious look at our accounting issues we need to take a serious a look at what we allowed them to keep on their books and not spend any other way before they're allowed to create a credit default swap in the first place i don't think i could read yet notice about clarke's ad because it says sort of the banks to be proprietary information not transparent to any regulator ok so how is that different from somebody walking into a cafe or television blowing themselves up as a suicide bomber and saying i can't tell you why i did it because it's proprietary

information these are suicide breakers ok well but almost up putting them in guantanamo. max i always love hearing your point of view by the way. of course i can't see their books i mean we do actually they do file public statements and everything i always question what's in those public statements and a lot of that isn't explained i think the essence all of them questions to live yes you see can be asking more questions they should be asking more questions and i'm very concerned that they're not turnbull yes he says in the pocket of the banks to see if to see gary gensler is in the pocket of the banks you've got a whistle blower in the london blowing the whistle on all these wall street banks are manipulating the futures markets to see i'm either comix they refuse or take this case seriously even though they've got the smoking gun they're committing massive fraud your economy over there in the u.s. is about to go to it's up and why are you even still living there terry bull why

don't you move to europe come to a real country. i still believe that america is the best place to suckering markets you're a sun. and we have some serious problems but i think we're going to figure it out won't we. paul no but we do a republican congress now least in the house of representatives don't we have obama's team got it from an economic advisor standpoint right you have people walking out the door i do have some hope that maybe he'll wake up and start to ask some real bankers some real. hey i'll take a lawyer but someone who's actually done done the job been in business knows the street to come in and advise him right now he just has a bunch of academics and his friends from who knows ha right i guess right i'm hoping that that will change and i'm hoping that he's going to wake up and have more respect for free markets and the american and the american ability to. to make

money and hold contracts ok i got a business idea i'm going to open a halfway house and europe for journalists who are naively clinging to the idea that somehow america is going to avoid a downward spiral into fascism and you can be one my first customers as a spot halfway house i might need to be i was going to do it anyway but thanks for coming on the cars the report terry paul thank you max all right most going to do it for this edition of the cars a report with me max kaiser and stacey her and my naive journalist friend terry paul who will be sorely arriving in europe to take refuge from the ravages of a completely collapsed economy in america if you want to send me an e-mail please do so as reported r t t v are you it's all next on this is max keiser saying bio.

twenty six people suspected of plotting

a christmas campaign of terror in europe are reported to be linked to international terrorist networks funding militants in chechnya we report. suicide rates among young us war veteran soar to record levels of unemployment homelessness and neglect from the authorities among the reasons for the alarming increase. and turning to lekas for the truth denmark's military top brass whistle revealed facts of its troops alleged involvement in prisoner abuse in iraq after being denied any information by nato the us. hello this is r t it's midnight here now i'm kevin zero in with our top story and the number of people arrested in europe on charges of terrorism has risen now to twenty six invested.