Tuesday, July 22, 2014

Today's links

1--Deutsche Bank going under?, zero hedge

More from WSJ:

In a letter to Deutsche Bank executives last December, a senior official with the New York Fed wrote that financial reports produced by some of the bank's U.S. arms "are of low quality, inaccurate and unreliable. The size and breadth of errors strongly suggest that the firm's entire U.S. regulatory reporting structure requires wide-ranging remedial action."

The criticism from the New York Fed represents a sharp rebuke to one of the world's biggest banks, and it comes at a time when federal regulators say they are increasingly focused on the health of overseas lenders with substantial U.S. operations.

The Dec. 11 letter, excerpts of which were reviewed by the Journal, said Deutsche Bank had made "no progress" at fixing previously identified problems. It said examiners found "material errors and poor data integrity" in its U.S. entities' public filings, which are used by regulators, economists and investors to evaluate its operations.

The shortcomings amount to a "systemic breakdown" and "expose the firm to significant operational risk and misstated regulatory reports," said the letter from Daniel Muccia, a New York Fed senior vice president responsible for supervising Deutsche Bank.


Deutsche Bank's external auditor, KPMG LLP, also identified "deficiencies" in the way the bank's U.S. entities were reporting financial data in 2013, according to a Deutsche Bank email reviewed by the Journal.

Oh wait, so those €55 trillion in derivatives are actually completely fabricated? Well if that doesn't send the S&P 500 limit up nothing will.

2---Obama does a 180 on MH17, zero hedge


  • As Bloomberg notes,


    AP reports,

    Senior U.S. intelligence officials say they have no evidence of direct Russian government involvement in the shooting down of Malaysia Airlines Flight 17.

    They say the passenger jet was likely felled by an SA-11 surface-to-air missile fired by Russian-backed separatists in eastern Ukraine and that Russia "created the conditions" for the downing by arming the separatists.

    The officials briefed reporters Tuesday under ground rules that their names not be used in discussing intelligence related to last week's air disaster, which killed 298 people.

    They said they did not know if any Russians were present at the missile launch, and they wouldn't say that the missile crew was trained in Russia.

    A senior official said the most likely explanation was the plane was shot down by mistake......

    So - to sum up - having told the world that they would release details surrounding intelligence about the MH17 disaster, US officials have pulled a "trust us" moment... blamed the "terrorists" and given themselves an out with Putin... all with absolutely no public proof whatsoever...

    *  *  *

    Which leaves us with one question - What happened between The White House and Putin (and perhaps Merkel) that ended with this lowering the tone of the debate?

    3---Flight MH-17 Black Boxes To Be Analyzed In "Impartial" London, zero hedge

    4---US Government Releases Alleged Evidence Of MH17 Missile Trajectory, zero hedge

    5---WSJ Survey: Housing Expectations Fall Further Down the Hole , WSJ

    6---Putin speaks, saker

    However, ever more frequently today we hear of ultimatums and sanctions. The very notion of state sovereignty is being washed out. Undesirable regimes, countries that conduct an independent policy or that simply stand in the way of somebody’s interests get destabilized. Tools used for this purpose are the so-called color revolutions, or, in simple terms – takeovers instigated and financed from the outside. ...

    At the same time, they present Russia with an ultimatum: either you let us destroy the part of the population that is ethnically, culturally and historically close to Russia, or we introduce sanctions against you. This is a strange logic, and absolutely unacceptable, of course. ....

    attempts are clearly being made to destabilize the social and economic situation, to weaken Russia in one way or another or to strike at our weaker spots, and they will continue primarily to make us more agreeable in resolving international issues. ....

    also feel that we must think about additional steps to decrease the dependence of the national economy and financial system on negative external factors. I am not just referring to instability in global markets, but possible political risks as well.
    Fourth, our Armed Forces remain the most important guarantor of our sovereignty and Russia’s territorial integrity. We will react appropriately and proportionately to the approach of NATO’s military infrastructure toward our borders, and we will not fail to notice the expansion of global missile defense systems and increases in the reserves of strategic non-nuclear precision weaponry.

    We are often told that the ABM system is a defense system. But that’s not the case. This is an offensive system; it is part of the offensive defense system of the United States on the periphery. Regardless of what our foreign colleagues say, we can clearly see what is actually happening: groups of NATO troops are clearly being reinforced in Eastern European states, including in the Black and Baltic seas. And the scale and intensity of operational and combat training is growing. In this regard, it is imperative to implement all planned measures to strength our nation’s defence capacity fully and on schedule, including, of course, in Crimea and Sevastopol, where essentially we need to fully recreate the military infrastructure.

    7---Russia Says Has Photos Of Ukraine Deploying BUK Missiles In East, Radar Proof Of Warplanes In MH17 Vicinity, zero hedge

    8--10 more questions Russian military pose to Ukraine, US over MH17 crash, RT

    9---Russia Touts South Stream Pipeline As Europe’s Gas Lifeline, zero hedge

    10---From the sakerFrom THE SAKER: Still, a few very interesting things came out of this press conference.
    First, the Ukies have been caught lying about their military aircraft in the area of the disaster. They had claimed that no UAF aircraft were in the area. The Russians have shown the recorded radar tracks which reveal the following: there was what appears to have been a military aircraft (with no transponder) flying below 5000m which suddenly began climbing just before MH17 was hit by some kind of missile. This unidentified aircraft then stayed and observed as MH17 fell to the ground. The Russians added that a SU-25 armed with a R-60 air to air missile could have shot down MH17. Maybe. But what is certain is that the civilian radars did detected this strange Ukie aircraft.

     Now, these radar tracks are from *civilian* radars. The Russians apparently are not willing to share the data from their military radars. This is why this mysterious Ukie aircraft 'appears' at 5'000m altitude and then 'disappears' again, but you can be certain that their military radars, especially on their A-50 AWACs did track that aircraft before and after its strange maneuver. Again, I think that the Russians hope that the experts will come to the correct conclusions on the basis of what they have shown today and that they will not have to reveal more. But we can be certain that they have the full picture and that they know exactly what happened.

     Second, the Russians are challenging their American colleagues to show the images they claim show the launch of the BukM1 rocket. They also point out at the interesting coincidence that an US experimental launch detection satellite was exactly over the area at the moment of the tragedy. Clearly, they are tossing the world experts some kind of lead here, but I am not sure what this is.
    Third, the Russians have shown their own space-based imagery which shows that one battery of BukM1 had been moved just prior to the incident (See for yourself here). It will be interesting to see if the Ukies explain what is shown on these picture and, if yes, how?

     As a public information this conference gets a C+ but as a lead for experts I would give it a much higher A-. We know have hard proof that the Ukies lied at least twice. They lied about the footage of the Buk missiles being moved back to Russia (the footage was taken in Ukie-occupied territory) and they most definitely lied when they denied having any military aircraft in the area when in reality they had one in the immediate proximity of MH17. That is a huge lie which the Ukies will have a very hard time dismissing.

     As I said in my first post about MH17, I have no hope whatsoever that the western plutocracy will ever admit that the junta did it. Ditto for the corporate presstitues of the MSM, but I do hope that the world will see this tragedy for what is clearly was: a deliberate false flag on the part of the Nazi junta in Kiev. As David Chandler correctly points out about 9/11, the proof of a cover up is in itself already a proof of a conspiracy.
    The Saker

    11----Mutiny in the intel agencies? sic_semper_tyrannis

    12---Senior U.S. Intelligence Officials: Russia Was Not Directly Involved, and The Most Likely Explanation Was the Plane Was Shot Down By MISTAKE

    13---Extra comments:

    Cicero: "Mendaci neque quum vera dicit, creditur" (a liar is not to be believed even when he speaks the truth)

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  • Tue, 07/22/2014 - 10:02 | 4987612 Dewan
    Dewan's picture
    Which kind of evidence is supposed to be this? It's not even a radar image. The Russians presented an extensive, professional analysis, and have no reason to lie since it's ovbious to anyone who can read Russian and read the Russian news that the coup in Kiev was instigated by the West since the very beginning. So by now it's far beyond doubt that the Malaysian airlines flight was brought down by either the incompetent Ukrainian Army or by foreign mercenaries working with them which had even less knowledge then the Ukrainians themselves about what they were targeting, assuming that it was a mistake, although it might not be. 

    Tue, 07/22/2014 - 10:10 | 4987653 Bioscale
    Bioscale's picture
    Additionally, I expect the Russians not to uncover everything they have recorded. I tend to believe the "real" evidence is waiting to be released when the right time comes. Seeing the paintbrush bullshit of CNN, I think we are not there yet.

    Tue, 07/22/2014 - 10:03 | 4987617 NeedleDickTheBu...
    NeedleDickTheBugFucker's picture
    The copyright on the digital image is 4 years old (2010)!  Using colored magic markers to draw the flight path and missile trajectory on said digital image is far from conclusive evidence.

    Here are Zinn’s 1993 words in context:

    “There is no flag large enough to cover the shame of killing innocent
    people (words printed below Anderson’s cartoon) for a purpose which is
    unattainable. If the purpose is to stop terrorism, even the supporters of
    the bombing say it won't work; if the purpose is to gain respect for the
    United States, the result is the opposite: all over the world there is
    anger and indignation at Reagan's mindless, pointless, soulless violence…”

    WhackoWarner's picture
    Someone drew a nice yellow line on a copyright 2010 Digital Globe "cut and paste".  Nice.

    tumblemore's picture
    The rebels shot it down with a BUK - obviously - but why did the rebels think it was a military plane? The Su-25 following MH17 spoofed the IFF transponder.

    tumblemore's picture
    You can make a civilian air liner look like a military target by flying a fighter between the air liner and the radar on the ground and spoofing the air liner's IFF signal.


    Tue, 07/22/2014 - 11:52 | 4988191 gcjohns1971
    gcjohns1971's picture
    Good point.
    An Air Force that didn't want to get shot by SAMs might follow closely behind civilian aircraft, hoping to hide.
    Of course, there is a chance that then the SAM would see the military plane instead of the airliner.
    But the airliner is bigger.  All things being equal, it would put out the bigger signature.

    However, any attempt to hack a black box would encounter problems when attempts were made to correlate the data with other sources.

    Almost all planes use what’s called the Aircraft Communications Addressing and Reporting System (Acars), which involves transmissions of basic data from aircraft to ground stations.

    Malaysia Airlines have already confirmed that, in the case of MH17, Acars transmitted as normal.

    And, even if a black box was tampered with, it would not be possible to alter the Acars data, meaning any discrepancies would be highlighted....

    Mr John continued the data on the recorders can be listened using readout software, and this, in theory, works like a laptop.

    He said people on the crash site may have been able to listen to the data, if they had similar software.

    Mr Taylor added that even listening to the data would need to be carried out using specialist equipment by trained analysts.

    However, accessing and tampering with the data is much more difficult....


    MH17 was believed to have been taken down by a missile known as the Mach 3 semi-active homing 9M28M1.
    It was thought to have been launched from one of the BUK family of missile launchers.
    The surface-to-air missile has a range of 1.8 to 12.4 miles (three to 20km) and can hit targets up to an altitude of 75,000ft (23,000 metres).
    A typical missile battery to launch the the missile consists of a command vehicle housing computers and displays, a target-acquisition radar and one or more self-propelled launchers each carrying up to four missiles.
    Once a target has been selected it takes five minutes for a missile to warm up and 12 minutes to reload after launching.
    Depending on the model the missile would then accelerate to at least 2,790ft (850 metres) per second to up to 4,035ft (1,230 metres) per second.
    This means it would have reached MH17, 33,000ft (10,000 metres) high, eight to 12 seconds after being fired.
    It detonates within 65ft (20 metres) of its target, which causes critical damage to the engines and control system of the aircraft.
    The missile acquires its target using radar in a ‘seeker’ in its tip. It tracks its target autonomously after being fired.

    A black box records more than 80 channels of data, so any attempts to hack it would need to alter all relevant data within the box

    Full article: http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=326451:despite-the-boasting-najibs-prized-black-boxes-may-be-useless-data-will-reveal-nothing-about-the-attack-experts&Itemid=2#ixzz38DfsIPEO

    The Dutch government has asked for the UK’s assistance in examining the "black box" flight recorders retrieved from the Malaysia Airlines flight shot down over eastern Ukraine last week.

    David Cameron announced on Twitter that British investigators based at Farnborough in Hampshire will be tasked with retrieving vital data from the two recorders.
    The black boxes were initially withheld from international air accident officials by the Russia-backed separatists in Ukraine who have been widely accused of bringing down the plane.
    But after a truce was called to cover the crash zone in Ukraine, rebels allowed investigators access to the site and also let a train carrying bodies move on to a Ukrainian government base.
    The Prime Minister tweeted: "We've agreed Dutch request for air accident investigators at Farnborough to retrieve data from MH17 black boxes for international analysis.
    A spokesperson for the Air Accidents Investigation Branch (AAIB) said: "We can confirm that the UK's Air Accidents Investigation Branch based in Farnborough has been asked to carry out the data analysis of the MH17 black boxes.

    I won't believe any of this until Gen. Powell gets up there and says it's so.

    The image is an old map, Copyright 2010.  This is NOT evidence.  This is a drawing of what someone thinks occured.

    geez...a little kid could have drawn that bullshit...looks like the same folks who made that map image are the same ones who created obama's online .pdf "birth certificate" or programmed the obamacare website.  Bang up job, guys...you really got some skillz.

    Tue, 07/22/2014 - 10:43 | 4987799 john39
    john39's picture
    this is almost as bad as nuttyahoo's infamous "red line" bomb drawing:

    What else do you expect from Obozo and his idiotic/arrogant neocons? By the way, Russia claims that the USSA had a satelite flying right over the scene at the precise time of the downing of the plane. So if wdc doesn,t come out with clear images then it tells who's lying. At least the Russians are showing real pictures.

    Tue, 07/22/2014 - 10:51 | 4987845 Gaius Frakkin' ...
    Gaius Frakkin' Baltar's picture
    They're so desperate to get some of their warmongering BS propaganda to be taking seriously by the public. They're like a spoiled toddler in a tantrum throwing everything around them and they can't fathom why no one is taking them serious.

    SMG's picture
    This is all they've got!?!?
    Oh yea, that convinces me to support WWIII. A-holes.

    HardAssets's picture
    They apparently do this kinda thing because the American citizenry has been so dumbed down that they can get away with it. That may be much more difficult to do when the situation gets the attention of people living throughout the world.

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