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The Banker (must see)
+1, thanks for the link
please....I'll believe it when I hear the guilty verdict given. Until then, nothing but hot air.
... and I love the idea that they are going after 'tens of millions' of dollars - it will only cost these goons that much to settle these claims before anyone has to lift a leg up the stairs to the court door
- just hulla bulloo to get the masses excited for a time, and for dusting off the illusion that the SEC and FBI actually deserve their perverse budgets
So we should roll and play dead since it doesn't make a difference anyway, right. I get really tired of people have nothing better to do than complain. Rome wasn't built (nor destroyed) in a day.
Rome wasn't destroyed in a day because thier enemies didn't have weapons systems capable of it.
Had NBC weapons been available to their enemies, I can assure that Rome would have fallen in Minutes not days.
The history is valid, but things have changed slightly in that last 1700 years.
The wealthy have way too much power and influence not to be able to make this little problem go away. I'm with you, when I see a guilty verdict I will believe it.
This is all a smokescreen.
They will put out lots of dense smoke, use a LCD projector to display the movie of "Justice" served onto the smoke.
When the smoke clears, the illusion will disappear, and back to the business of Fraud Inc. we will go.
This isn't GS or JPM up for trial... This is small fish (relatively) that are being cleared off the field.
They are being cleared because they would scream butthurt murder when Phase 2 of Fraud Inc. kicks off and they were left in the cold.
Better to have them quietly off to the sidelines, where they can't cause trouble for the big boys when they start sodomizing us in earnest.
The Banker (better)
When Martha Stewart was putting together her Martha Stewart Living TV Show and Magazine someone said to her, "Martha people don't live like this." Martha responded, "No, but they want to."
The market for something to believe in is infinite...
+1 to both of you.
I saw the article in the WSJ this a.m. and the first thing I thought was "...gee, ZH spoke out about this ages ago!".
Once again, ZH is correct and way, way ahead of the curve.
Thanks again ZH for being the best financial read on the planet.
I am not going to jump up and down and scream hallelujah! at the top of my lungs just yet. Waiting for anyone to do anything to the "favorite children" is really getting old.
how long before cuomo is found in a hotel room with 3 whores, a goat, and fifteen pounds of crack coaine?
That was last month, and it was Transvestite Rent Boys, an Alpaca, 3 whores, and 15 pounds of Meth/Crack mix.
Or was that the GS Halloween party?
Thanks again ZH for being the best financial read on the planet and perhaps in the history of the world.
Where you been? Good to read you again, bro. ZH is the balls. Thanks Tyler.
Yes, but what's the REAL agenda here for pursuing this?
What is always the agenda of government?
Higher taxes and more control.
Look for plea bargins and calls for higher taxes on financial transactions by the guilty, like WB is calling for higher taxes on the wealthy...
TD, diluting the enthusiasm with "As much as we would like to believe so, the day when justice finally prevails over legal fees may still be far away" is so appropriate because the release of this article is to test the waters of market reaction, just to then, impose a mere "slap of the wrist" yet one more time. This will amount to virtually a "non-event" and the SQUID will continue to rule! How sad.
That would certainly appear to be the intention. "Tens of millions" . . . is that a joke?
Tens of trillions is the real story, going back to year 2000.
Yeah, you could say that again!
I once believed this thing would just unravel "that one more time" necessary to "shakeout" all thugs perpetrating our once beloved "market based" system. How foolish was that?
"examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars,"
"And for what? For a little bit of money... There's more to life than a little money, you know. Don'tcha know that? And here ya are, and it's a beautiful day. Well. I just don't understand it."
That was a great e'ffing movie and one of my favorite lines from it. Fargo.
Its actually hundreds of millions. The SEC knows it, they're just willing to settle for a lot less since their lawyers want to stay out of court and just watch more porn.
The recovery will be cents on the dollar and will be a slap on the wrist (no jail time) and a request that they change their practices to some mechanism we aren't currently operating under but the net result will be the same. What about officers in companies who are using inside info all the time.? What about investigating officers at CSCO who sold 60% of their holdings prior to announcing their most screwed up quarter in a long time - we are to expect Chambers walks into the office on earnings release day, and surprise, our numbers are off? He later apologizes for the miss - however, him and his bank account are smiling and it is now time to offer him lower priced options after the miss.
Oooooooh, TENS OF MILLIONS! How Dr. Evil.
The material crimes go unrecognized, uncomprehended and needless to say, unprosecuted.
Perhaps the FBI should make itself useful and crack open Fannie Mae's books. Christ, Henry Paulson handed 1000 times this amount to Goldman via AIG in a single transaction.
Agree, tens of millions is chickenfeed to these guys, a mere cost of doing business. Obviously, they're not going after the big fish, but rather using the FBI to get rid of the competition.
That's what I think to.
The SEC is a joke. Are we supposed to believe they will suddenly start doing their job?
I had similar thoughts...tens of millions is nothing and frankly the way Wall Street operates I would be surprised if this is not hundreds of millions.
You're being too conservative, how about 100's of $BILLIONS?
Not in our liffetime :(
TD, excellent article.
Paging Sergey Aleynikov... Sergey Aleynikov to the white courtesy phone.
Oh goody. Does that mean there will be crying in Cramerica as Jimbo and his trusty side kick Herb go down for the count this time around?
Lawyers will make some devaluing bucks and create some jobs! That's the good news.
Very little if any jail time for the cheaters and crooks, and even less "recovery of goods" stolen. Just a few fines. Chump change already accounted for.
I was one step removed from the "inside inside" group in the Silicon Valley through it's boom and bust.
This game is old, very old. I was "out" because I wasn't a qualified investor (read I did not like to play their games, which included a lot of Porn for some reason. All these grown men, Vulture Capitalists, captains of Industry were all hooked on cheap porn and prostitution, also a lot of white-poweder driven ego-maniacs).
Chump change indeed. So many settlements have happened that the ones who would really scream have long been silenced by the "settlement" teat.
Nope, this time, it's going to get ugly or stay face-painted, bo-toxic pretty for a little while longer.
But only a little while.
Minor characters get thrown under the bus and the beat goes on.
all accused parties settled with the SEC for undisclosed amounts and admitted no wrong-doing. they also agreed not to engage in fraudulent behavior again.
500k fine at the most
Are Expert Networks About To Be Exposed As The Ringleader In The Biggest Insider Trading Bust In History? No!! Now that was easy. You dont need a Harvard suit to figure that one out. Have a nice day
While I must grant ZH props for being, as one poster says, "ahead of the curve", it is a little disingenuous to imply the result of a 3 year investigation is the result of a letter you wrote a year ago. I suspect that, between porn clips, the SEC gets their own ideas once and awhile.
Speaking of which, this op must have been very well compartmentalized; with all those folks getting disciplined, any disaffected porn-suffer might have leaked the case.
Haven't been around long, have you?
ZH has dragged, kicking and screaming, the SEC to the fraud.
SEC investigative years are measured in dog years; divide the number by seven to get the real value.
Guess there will be several overseas extended 'Thanksgiving Day' vacations for some.
What a joke. When will they go after the rating agencies? As these fraudsters like to say, "Whenever two or three entities gather in my name (Fraud), there I am in the midst of them." And indeed the rating agencies were and are in midst of all the financial fraud that brought down this economy, and elevated our masters.
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