Jack Holland's  Instablog

It's enough to make one puke in the mirror of hypocrisy. The yellow journalist market barkers at CNBC just can't get enough of their man Jaime over at (JPM), even when he loses $2 billion dollars. I just can't wait to hear Cramer wax on about how great Dimon is, can you? If this had been anyone but Dimon...say Brian T. Monyihan of Bank of America (BAC), the CNBC lap dogs would be shouting at the top of their lungs that he need's to go, should be fired immediately. This is the bigotry of the New York based financial center at work. Perhaps it is time to shut down JPM and a few other banks and let a few worthy regional banks step up to the plate with sound fiscal management take over.

Sorkin the Socialist and his crew of morning show commies are attempting to blame the traders instead of Dimon. Keep watching CNBC throughout the day and count the number of times someone speaks highly of Jamie Dimon. Now they are calling him "refreshing" because he admits to failure. Not goood enough lap dogs...now be good journalist and do your job...and demand his resgnation!

Steve Rattner and the Carlye Group (CG) have been investigated by the S.E.C.

Today, New York elitist Stepheen Ratner, whose arce often sits up higher than his hat, was on CNBC today blathering that the individual investor has no business being in the market. Now I know what my pals here on Seeking Alpha would have to say about that, however the words that would be used are not appropriate for this forum.

In my neck of the woods, this is the kind of man that would simply get his arce kicked all the way back to New York City. But seeing as this is now a kinder and gentler nation where elitist communists like Ratner help tax-payer sucking corporations like (GM) screw over bond-holders, we'll stick to the facts. His b.s. may fly up in Bloombergland, but not down here in Texas. And the facts according to Wikipedia have something to say about Ratner that everyone should know about his character...which apparently comes up shorter than he is even when he's wearing elevator shoes.

"In 2005, Quadrangle made payments to private placement agent Hank Morris to help Quadrangle raise money for its second buyout fund.[10] Morris had come highly recommended to Rattner from U.S. Senator Charles Schumer.[11] Hank Morris was also the chief political advisor to Alan Hevesi, the trustee of the New York State Common Retirement Fund (CRF). Morris told Rattner he could increase the size of the CRF investment in Quadrangle's second buyout fund. Rattner then agreed that Quadrangle would pay Morris 1.1% of any investments greater than $25 million from the CRF. [12]

In 2009, Quadrangle and a dozen other investment firms, including the much larger Carlyle Group, were investigated by the U.S. Securities and Exchange Commission for the payments to Morris. The SEC viewed the payments as "kickbacks" in order to manage money for the New York State Common Retirement Fund since Morris was also a consultant to New York State Comptroller Alan Hevesi, who controlled the Retirement Fund.[13] Quadrangle paid $7 million in April 2010 to settle the SEC investigation. In November, Rattner personally settled for $6.2 million without admitting or denying any wrongdoing.[14]"

And according to the New York Times in an article entitled SEC Settles with Steve Rattner By Joshua Gallu, Karen Freifeld and Bob Van Voris, that was published on Nov 18, 2010:

"Steven Rattner, the former head of Quadrangle Group LLC, will pay $6.2 million and accept a two- year ban from associating with broker-dealers or investment advisers to resolve a Securities and Exchange Commission probe of kickbacks in connection with the New York state pension fund.

The sanctions include a payment of $3.2 million in disgorgement and a $3 million fine, the SEC said. New York Attorney General Andrew Cuomo sued Rattner today as well, seeking at least $26 million and his immediate lifetime ban from the securities industry in New York, according to an e-mailed statement. Richard Bamberger, a spokesman for Cuomo, said there was no settlement planned with Rattner."

Now do you really think this crook would be running around free had he not been working for the Obama administration as the Car Czar, or would he be in jail?

I have lived on the border of Mexico for the past 20 years. You don't do business in Mexico without paying bribes. Period! If Wal-mart (WMT) is guilty, Costco (COST) is guilty, and in Mexico, this would not be too difficult to prove. I suspect some editor suggested to Barstow to run this story. I suspect that somebody in the New York Times organization most likely has a buddy in the hedge-fund industry that is loading up on Costco. The timing is interesting is it not. This story breaks just days ahead of CNBC running its big story on Costco which will be on TV this Thursday Night! What a joke!

But hey sportsfans, my view is that this presents an investment opportunity, and that is why I am loading up on Costco this week ahead of the CNBC piece. Also notice how Jim Cramer has lately been talking up Costco. It is my belief that Wall Street is getting ready to run this stock up past $100 per share.

This is based on 40 years of observing market behavior, and the behavior of Wallstreet as related to their New York based media barkers such as CNBC and the New York Times.

This New York Times Story is a joke! The whole issue is a joke. The same goes for every U.S. firm doing business in China. To do business in China, one must pay off everyone in the food chain. For example, if one opens a factory, the party officials get paid, the police gets paid, the town leaders get paid. Also, if a company is selling something in China one will find that the salary of the China based salesman will be about 10-14% higher than other salesmen in the same country. This money is then used to pay the "consultant" who will then pay off all the facilitators to get the deal done. Each and every company that has done business in China has done this....BAR NONE!

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.