Daily Kos

Former FBI translator Sibel Edmonds dropped a bombshell on the Mike Malloy radio show, guest-hosted by Brad Friedman (audio, partial transcript).

In the interview, Sibel says that the US maintained 'intimate relations' with Bin Laden, and the Taliban, "all the way until that day of September 11."

These 'intimate relations' included using Bin Laden for 'operations' in Central Asia, including Xinjiang, China. These 'operations' involved using al Qaeda and the Taliban in the same manner "as we did during the Afghan and Soviet conflict," that is, fighting 'enemies' via proxies.

Euro Pacific Capitalil

Have you heard the great news? The recession is over! It's true; I saw it on TV. Why fret about growing unemployment lines when banks are paying big-time bonuses again?

Proof of the turn was apparently revealed by the 2nd quarter GDP figures that showed that the economy declined by only 1%. After four consecutive quarters of negative GDP, the green shoots now assume that growth will resume over the summer. But before we pop the corks, it may be worthwhile to ask, "what really has changed, and what is responsible for our new lease on life?"

NYT

IT’S time again to revisit the auction-rate securities mess, a nightmare that began 18 months ago but that still hasn’t ended for some unfortunate investors.

Recall that once upon a time, Wall Street promoted auction-rate securities as just as good as cash, a liquid investment you could unwind in a flash. But when the $330 billion auction-rate market froze in February 2008, investors were suddenly unable to sell their holdings. Money they had set aside in a “safe” place for college bills, retirement plans and down payments on homes was inaccessible. In hardship cases when they could sell, they took significant losses.

Mother Jones

This is perhaps the most important thing I learned over my years working on Wall Street, including as a managing director at Goldman Sachs: Numbers lie. In a normal time, the fact that the numbers generated by the nation's biggest banks can't be trusted might not matter very much to the rest of us. But since the record bank profits we're now hearing about are essentially created by massive federal funding, perhaps it behooves us to dig beneath their data. On July 27, 10 congressmen, led by Rep. Alan Grayson (D-Fla.), did just that, writing a letter to Federal Reserve Chairman Ben Bernanke questioning the Fed's role in Goldman's rapid return to the top of Wall Street.