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Failing to Prosecute Financial Fraud - On Either Side of the Atlantic - Is Extending Our Economic Crisis
As numerous experts have pointed out for years, failing to prosecute financial fraud is extending our economic crisis.
This continues to be a key, ongoing story.
For example, the Telegraph reports today:
The
EU's financial watchdog has systemically "sabotaged" investigations
and caved into intimidation from countries including France and Italy
to cover up fraud, according to a senior official.
And Bloomberg noted on Monday:
The
U.S. Securities and Exchange Commission’s internal watchdog is
reviewing an allegation that Robert Khuzami, the agency’s top
enforcement official, gave preferential treatment to Citigroup Inc.
executives in the agency’s $75 million settlement with the firm in July.
Inspector
General H. David Kotz opened the probe after a request from U.S.
Senator Charles Grassley, an Iowa Republican, who forwarded an unsigned
letter making the allegation. Khuzami told his staff to soften claims
against two executives after conferring with a lawyer representing the
bank, according to the letter….
According to the letter, the
SEC’s staff was prepared to file fraud claims against both individuals.
Khuzami ordered his staff to drop the claims after holding a “secret
conversation, without telling the staff, with a prominent defense
lawyer who is a good friend” of his and “who was counsel for the
company, not the individuals affected,” according to a copy of the
letter reviewed by Bloomberg News.
I will keep hammering on this until people get it: The economy will not recover unless fraud is prosecuted.
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Y'know, a compromise might be to repeal PD status. IT's function is to ensure that auctions suceed at whatever issue. IF it is left to pure bond demand, it would install a whole lot more confidence in basic fiscal systems. ITs the critical market, so making it free market would be a boost to confidence, perhaps not to the parasites, but there are others out there with deep pockets. And it wouldn't rock the boat anywhere outside of the major banks.
We have to wait until the next meltdown.
GW, rehasher of yesterday's news, and waster of ZH resources.
Relax, ZH buys their bits wholesale.
Book 'em, bitchez
Too often the scoundrels and scofflaws loot the public of hundreds of millions and then pay 30% of it in fines to the government for dropping all charges. That makes the prosecuter complicit in the crime.
The real key is to get the banksters, government shills and politicians into courts with middle class juries. This is justice. Plea bargains, cash settlements, no los, trading time for spilling the beans, and mercy of the court settlements are a miscarriage of justice.
AMEN.
No Trust = No Relationship
The rich corporates and the too big to fail bunch of banksters have a lot of influence on the political class, the rule makers and the rule enforcers due to their enormous purchasing power. So irrespective of the position in the government, everyone works for their benefit.
The rest of the population have to be dumped with lots of problems like unemployment, high cost of living (thanks to speculation in commodity exchanges), foreclosures, etc. so that they don’t devote their thoughts to the root of all problems and revolt against the comfortable arrangement between the banksters, central bankers and the governments.
This too big to fail group has grown more powerful in size and influence in the last two years and is likely to end up being too big to bail bringing down complete economies of countries with them.
http://www.marketoracle.co.uk/Article24581.html
Our children and grandchildren will not inherit our debts. They will be busy rebuilding our broken system from scratch.
Once the bloated, lifeless leviathan of corrupt financial dealings washes up on Reality Beach, there will be a jubilee. Debts won't be willingly forgiven as in previous jubilees. The system will simply be too broken for anybody to swap paper for paper anymore.
The forced bankruptcy of all who trusted anybody with a promise or even a contract will be living testimony to a dead financial system. The promises are false, the paper is worthless and our future depends on moving back to reality as the basis of all values, financial and social.
Buy gold, buy silver, buy land, buy protection. Real things will keep their value when the paper is rotting in the ground with the trust we have placed in people who are not worthy.
Keep your family close. They are the one real thing you can't buy.
Hear, hear!
If indeed, reality has to be summoned up, then the answer is that we are living our Jubilee.
We are past the point when physical debt can be associated with monetary debt. Sweeping the monetary debt will not reset the level of resources consumed through this debt based system.
Jubilees in the past could easily conceal this fact as consumption was so low. Today, it is totally another story.
Word.
Yes, just like when someone gets fired in the office - everyone "colors within the lines", at least for a few weeks.
When you don't stop fraud it signals to the others that it's okay to continue to do business the way they have been doing.
"Why Steal Less....when you can Steal more?"
The 21st Century Wall Street Mantra
Holder is too busy sucking up to the illegals and New Black Panther Party. Rule of Law? "What friggin rule of law; I wipe my ass with the Constitution every day".
RBS got fined yesterday by the FSA and how many people had their lives very badly affected by their mistakes
There is no will to correct our rather large basket of problems - during WWII, as German divisions were advancing, Russia dismantled a large part of their industrial base, put it on railroad cars and transported it, eastward and reassembled it. Our illustrious leaders couldn't even deal adequately with Katrina/New Orleans, a very modest operation in comparison. Don't look for saviors, there aren't any.
I'll have you know the U.S. did the same thing. As U.S. divisions of Japanese corporations were advancing, America dismantled a large part of their industrial base, put it on ships and transported to the east where it was reassembled.
Now we don't have to buy cheap American crap, we can buy even cheaper and crappier Chinese crap.
Who says we don't learn from history!
Saviors? Hell, I'd settle for competence. But I guess there isn't any of that, either.
Madoff takes a fall for the mob and his son is murdered and it all is swept under the proverial rug as fast as they can. Corruption runs rampant. Regulatory agencies say they are investigating this and that and nothing of importance is ever done. I am sorry if I don't trust them all. How can I? I will never ever trust them.
our economic crisis is not a crisis, it is the end stage of
a system designed to do exactly what we see. it is the fruit
of the tree that no one can see, dare see. it is bad but it is "the" economy.
( legal stealing ) by way of fraud embodied in a federal reserve
note privately created out of "pretty blue wishes and dreams" commonly accepted as money,
with no limit or boundary that anyone of influence need respect. an organic
and predictable effect of the "sacred" system where conformity is safety
and the king, worm. bow to the worm, "money". as debt
http://www.youtube.com/watch?v=1RosEIOgDiw
pardon and apologies where needed.
the fraud cannot be prosecuted. because .....
it is the prosecutor itself. it is the system.
and we cannot see to change ?
wall street bonuses coinciding with food riots and starvation
and outbreaks of diseases that can be cured with food and
water. get it? the virtuous cycle of starving a few hundred people
so you can have your water crafts waxed.
want to get your blood boiling? listen here.
http://archive.wbai.org/
Gary Null All Wednesday January 12 12:00pm 1 hour Unknown.
some people have no integrity with regards their fellow
man, sad fact but not an immutable object/reality.
this is good too.
Talk Back! All Tuesday January 11 3:00pm 2 hours Public Affairsthe solution is redirection of focus and attention to studies
and experimentation regarding population / behavior, energy and
agriculture, ubiquitous in all locals. ie starting from scratch, the bottom
with a direction up, so to speak.
ps. and speaking of fraud , politics and stupid crazy.
if i was crazy i would say s.p. is the perfect politician.
she is smarter than her followers and sexy. and way dumber than her
masters. = perfect politician. and the worst sort of leader or
representative imaginable. a leader must be smarter than his/her
"masters" but that ends badly also so we need something new like
real education.
thank you zh, gw et. al..
ANDREW CUOMO- How could anybody expect him to prosecute????
FORMER Attorney General for the Southern District of New York , now Governor??? Perfect example when you screw up, kick 'em upstairs. He went from head of a GSE to NYAG where ALL bank lenders reside (ex.WFC) but "he had no oversight of AIG". Hogwash. You know, http://www.zerohedge.com/article/nia-comments-upcoming-bursting-bankruptcy-non-dischargeable-college-debt-bubble Lawyers can't afford to work Pro Boner (mcBags) so nobody connects the dots. Cetainly nobody pays them to.
http://picasaweb.google.com/larryokarski/TheMissilesOfOctober#5255339066005646290
Khuzami's just a patsy. Citi is a GSE dressed up to look like a legitimate private enterprise. Prosecution of Citi executive fraud would have required approval from High Command, of that you can be certain. UST was planning to dump a big position. Timmay certainly wouldn't have wanted a fraud turd floating in that punchbowl.
forget extending, the free giveaway (in other worlds it would be considered theft) by the collusion of the Fed and Primary Dealers of billions every month?
well, that debt is going to be ladled over the peasant population and handicap them for years and years to come.
not that anyone cares any more. there is so much theft and corruption now, its a miracle that any actual business activity is happening beyond the financial sector. why would anyone bother when you can steal so much working in finance?
and have the government not policing you, but handing it to you?
Wow, you hit the nail on the head, bro! NOBODY wants to prosecute a money-lender, not even The Supremes:
http://www.cnbc.com/id/41025694 (read Larry Okarski's comments)
IMPUNITY bitchez! (Wonder why I wear a helmet?) Oh and don't forget to buy BAC at the open, its the most undervalued stock in the universe (I hear).
But all over America the little fish like these (SBNK.OB) have been busy bilking small bank shareholders ($50Million), TARP/US Taxpayers ($8.7Million) and the FDIC who customers ultimately pay insurance prems. ($10.5 Million)
Only one of a handful to go BK AFTER receiving TARP. Someone lied.
This bank could have used better regulation, like many small ones. I wonder how many times the borrowers did this? Indymac was 1.
http://www.youtube.com/watch?v=AMUKvI2Ywjs&feature=related
prosecuting fraud is a nice start....Executing for fraud will go a lot further.
amen and amen!!
Capital will not form in banks as corrupt as these. And when I say capital, I am not talking about Bernanke Bananas.
Everyone knows this about the banks. Every week, Average Joe sells stocks. More and more people are forced out of the economy as the Federal Reserve Chairman preserves this rotten banker regime.
And so the pain will go on...
Additional:
You know, Chairman Bernanke's touts his expertise on the subject of the Great Depression. Does anyone know if he is an expert in the depression of 1920? Does anyone ask? Does anyone know what I am talking about? Is anyone out there...Bueller...Bueller...or is everyone surfing the Net on their Iphone 4 searching for news of the great new white model that should be coming out soon?
+1
"Feigning Ignorance Is Not an Excuse"
Must view... 2 vid's
Plutocracy...The Debt Money System is no longer working
http://seenoevilspeaknoevilhearnoevil.blogspot.com/2010/12/feigning-ignorance-is-not-option.html
War crime, what war crime? The only crime is losing the war. Goering, in captivity, at Nuremburg.
War crime, what war crime? The only crime is losing the war. Goering, in captivity, at Nuremburg.
War crime, what war crime? The only crime is losing the war. Goering, in captivity, at Nuremburg.
Kill one? you were pissed off...
Kill 5 or 6... you where a physco...
Kill 6 million... never mind the other millions left off the score card... and you where a genius led astray?
Kill for Century's... you are the Catholic Country? Kill more Christians than Muslim's during the Crusades, Your a Catholic!! Praise God!
I could go on but why?
I Loved the Quote by the way, both times!