One must give a tip of the hat to the Wall Street conmen for engineering a reasonably robust stock rally. The Dow and S&P were led by financials. The Financial Times out of London claims ‘no real money’ was behind the stock rally of over 20%. They must mean huge short covering, enhanced by pressure tactics from Wall Street brokerages themselves. They must mean Working Group For Financial Markets putting to work some of their ‘Black Bag’ money. They must mean influenced arbitrage games from preferred versus common shares, which harmed the public but enriched the insiders. Amazing how a better financial journal on US topics comes from outside the Untied States. A movement pervaded Lower Manhattan offices to formally call in all Citigroup shorted shares on loan. Whether legal or not, it helped cause a big bank stock rally. Other ‘C’ share games were played that enabled preferred shares to serve as collateral on common share shorts, as the plebeian shares descended to $1/share value. Never lose sight of the fact that Plunge Protection Team funds came in large part from missing $1.5 billion in Fannie Mae funds from 1988 to 2000, specifically out of the HUD offices in Houston (Papa Bush regional home) and in Oklahoma City (Clinton home region), whose funds keep America strong. Then you have all the absurd giant steps backwards to permit big banks to ignore Mark-to-Market and just conjure up asset values from indefensible models, with blessing from Financial Accounting Standards Board and the USCongress. This reform?

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