Les Leopold — Making a Million Bucks an Hour: How Hedge Funds Get Away With Siphoning Off America's Wealth

The following is an excerpt from Les Leopold's new book, How to Make a Million Dollars an Hour: Why Hedge Funds Get Away with Siphoning Off America's Wealth (Wiley Books, 2013)

What Bill Black has done for banking, Les Leopold does for hedge funds, showing how they create a criminogenic environment. This is a fascinating account of Jim Cramer's confessional and its implications.

And it makes one think what happens when crossing banks with hedge funds is permitted.

Good read.

AlterNet
Making a Million Bucks an Hour: How Hedge Funds Get Away With Siphoning Off America's Wealth
Les Leopold

Jim Cramer: "The U.S. should refinance!"

Refinance??

LOL!!!

This is laughable. Total comedy.

REFINANCE???!!!

Why does a nation that issues and spends in its own currency need to refinance? Do we borrow our own fiat? If anything, the U.S. should issue nothing longer than 3-month bills, as security issuance functions only as a reserve drain. Nothing more.

Cramer goes on: "I've been telling Geithner this behind the scenes and to his face."

And Geithner's probably dumb enough to listen!

Jim Cramer to Geithner: "Lock in the financing now!"

Did anyone see this on CNBC this morning? While questioning Treasury Secretary Tim Geithner at the "Seeking Alpha" conference here in NYC, Cramer asked why the U.S. Treasury doesn't "lock in" a bunch of "low interest rate financing" now so that the United States doesn't face the same problem as Europe.

Jesus, I can't believe this. It just keeps getting more and more pathetic.

Um...Jim...you mean dollar financing?

In case you haven't heard, the United States Government is the issuer of the dollar and as such, isn't in need of "financing" nor does it have to worry about any rate that it can't pay. It sets the rate.