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Full Letter From Marcy Kaptur And 61 Congressmen Demanding Erik Holder Investigate Goldman

Tyler Durden's picture




 

The noose is tightening, even though one could speculate the one doing the tightening ought to be on the other side of the rope as well.  That said, we sure miss the days when Dick Bove used to provide instacommentary on Wells and Goldman, typically of the buy every dip format. That beard makes him look so wise and grizzled... That, or in dire need of grooming. 

The Honorable Eric Holder
United States Attorney General
U.S. Department of Justice
950 Pennsylvania Avenue, N.W.
Washington, DC 20530-0001

Dear Attorney General Holder:

The U.S. Securities and Exchange Commission (SEC) announced on
Friday, April 16, 2010, that it had filed a securities fraud action
against the Wall Street company Goldman Sachs & Co (GS & Co.)
and one of its employees for making materially misleading statements
and omissions in connection with a synthetic collateralized debt
obligation (“CDO”) that GS & Co. structured and marketed to
investors. The SEC alleges that:

  1. This synthetic CDO, ABACUS 2007- AC1, was tied to the performance of
    sub-prime residential mortgage-backed securities (“RMBS”) and was
    structured and marketed by GS & Co. in early 2007 when the United
    States housing market and related securities were beginning to show
    signs of distress. Synthetic CDOs like ABACUS 2007-AC1 contributed to
    the recent financial crisis by magnifying losses associated with the
    downturn in the United States housing market.

  2. GS & Co. marketing materials for ABACUS 2007-AC1 – including the
    term sheet, flip book and offering memorandum for the CDO – all
    represented that the reference portfolio of RMBS underlying the CDO was
    selected by ACA Management with experience analyzing credit risk in
    RMBS. Undisclosed in the marketing materials and unbeknownst to
    investors, a large hedge fund, Paulson & Co. Inc. (“Paulson”), with
    economic interests directly adverse to investors in the ABACUS 2007-AC1
    CDO, played a significant role in the portfolio selection process.
    After participating in the selection of the reference portfolio,
    Paulson effectively shorted the RMBS portfolio it helped select by
    entering into credit default swaps (“CDS”) with GS & Co. to buy
    protection on specific layers of the ABACUS 2007-AC1 capital structure.

  3. In sum, GS & Co. arranged a transaction at Paulson’s request in
    which Paulson heavily influenced the selection of the portfolio to suit
    its economic interests, but failed to disclose to investors, as part of
    the description of the portfolio selection process contained in the
    marketing materials used to promote the transaction, Paulson’s role in
    the portfolio selection process or its adverse economic interests.

As the SEC notes, financial manipulations such as this contributed
to the near collapse of the U.S. financial system and cost American
taxpayers hundreds of billions of dollars. On the face of the SEC
filing, criminal fraud on a historic scale seems to have occurred in
this instance. As an ever growing mountain of evidence reveals, this
case is neither unique nor isolated.

If both global and domestic confidence in the integrity of the U.S.
financial system is to be regained, there must be confidence that
criminal acts will be vigorously pursued and perpetrators punished.

While the SEC lacks the authority to act beyond civil actions, the
U.S. Department of Justice (DOJ) has the power to file criminal actions
against those who commit financial fraud. We ask assurance from you
that the U.S. Department of Justice is closely looking at this case and
similar cases to further investigate and prosecute the criminals
involved in this, and other financially fraudulent acts. Furthermore,
if the DOJ is not currently looking into this particular case, we
respectfully ask you to ensure that the U.S. Department of Justice
immediately open a case on this matter and investigate it with the full
authority and power that your agency holds. The American people both
demand and deserve justice in the matter of Wall Street banks whom the
American taxpayers bailed out, only to see unemployment and housing
foreclosures rise.

This matter is of deep importance to us. As you may know, H.R. 3995,
the Financial Crisis of 2008 Criminal Investigation and Prosecution
Act, has been introduced, which authorizes you to hire more
prosecutors, Director Mueller of the Federal Bureau of Investigation to
hire 1,000 more agent as well as additional forensic experts, and Chair
Mary Shapiro of the U.S. Securities and Exchange Commission to hire
more investigators to continue to pursue justice and route out the
criminals in our financial system. Part of financial regulatory reform
should include removing the criminals and crafting a system that
supports those who follow the law.

We in Congress stand ready to support you in protecting the American
taxpayers from financial crimes such as the fraud that the U.S.
Securities and Exchange Commission has charged Goldman Sachs with
committing. We ask that you take up this case, and others, to pursue
justice for the American people, to put criminals in jail, and seek to
restore the integrity of our nation’s financial system.

Sincerely,

Rep. Kaptur OH_09 (Letter leader)
Rep. Burgess, TX_26 (Republican)
Rep. Stupak, MI_01 (Conservative Democrat)
Rep.
Melancon, LA_03 (Conservative Democrat)
Rep. Barrow, GA_12 (Conservative Democrat)
Rep. Grijalva, AZ_07 (Progressive Caucus Chair)
Rep. Braley, IA_01 (Populist Caucus Chair)
Rep.
Schauer, MI_07 ("Frontline" House Freshman)
Rep. Perriello, VA_05 ("Frontline" House Freshman)
Rep. Markey, CO_04 ("Frontline" House Freshman)
Rep. Heinrich, NM_01 ("Frontline" House Freshman)
Rep. Conyers, MI_14 (Judiciary Chair)

Rep. Baldwin, WI_02
Rep. Barrow, GA_12
Rep. Bennie Thompson,
Rep.
Betsy Markey, CO_04
Rep. Boswell, IA_03
Rep. Capuano, MA_08
Rep. Carney, PA_10
Rep. Chandler, KY_06
Rep. Clay, MO_01
Rep.
Cohen, TN_09
Rep. Danny K. Davis, IL_07
Rep.
DeFazio, OR_04
Rep. Donna Edwards, MD_04
Rep. Doyle, PA_14
Rep.
Ellison, MN_05
Rep. Filner, CA_51
Rep. Fudge, OH_11
Rep. Gene Taylor, MS_04
Rep.
Grayson, FL_08
Rep. Grijalva, AZ_07
Rep.
Hinchey, NY_22
Rep. Hirono, HI_02
Rep. Holt, NJ_12
Rep. Honda,
CA_15
Rep. Inslee, WA_01
Rep. Jackson-Lee, TX_18
Rep. Jesse Jackson Jr.,
IL_02
Rep. Kildee, MI_05
Rep. Kilpatrick, MI_13
Rep.
Kirkpatrick, AZ_01
Rep. Kucinich, OH_10
Rep. Lee, CA_09
Rep.
Loebsack, IA_02
Rep. Loretta Sanchez,
Rep. McDermott, WA_07
Rep.
McGovern, MA_03
Rep. Melancon, LA_03
Rep. Michaud, ME_02
Rep.
Moran, VA_08
Rep. Napolitano, CA_38
Del. Holmes Norton, DC
Rep. Pallone,
NJ_06
Rep. Pascrell, NJ_08
Rep. Pingree, ME_01
Rep.
Richardson, CA_37
Rep. Salazar, CA_03
Rep. Schakowsky, IL_09
Rep. Shea-Porter, NH_01
Rep. Speier, CA_12
Rep.
Stark, CA_13
Rep. Sutton, OH_13
Rep. Thompson, MI_02
Rep.
Tsongas, MA_05
Rep. Watson, CA_33
Rep. Welch, VT

 

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Fri, 04/30/2010 - 13:10 | 325729 Cognitive Dissonance
Cognitive Dissonance's picture

Holder will promptly round files this sucker. No one wants to look too closely at this mess for everyone, including both parties, are up to their noses in this shit.

Fri, 04/30/2010 - 13:40 | 325759 DaveyJones
DaveyJones's picture

First, he'll call Chiquita for advice. I hear they have some killer strategies

 http://firedoglake.com/2008/11/22/eric-holder-lawyer-for-the-death-squad-terrorists-paymasters-our-next-attorney-general/

Fri, 04/30/2010 - 14:01 | 325832 AnXmarine
AnXmarine's picture

Actually, he and his crack team (not sure if that should be a pun or not...hrmm) are headed to New Orleans to "monitor" the oil spill.

http://www.reuters.com/article/idUSN3024154920100430?type=marketsNews

Sorry to get off topic a bit, but this brings up something worth thinking about.

I am a bit curious about the Federal response to this event:

  • SWAT teams deployed to various oil rigs in the area
  • Homeland Security involvement
  • Activation of the Louisiana National Guard
  • And now the US Attorney General's office dispatched

What exactly does the government expect this group of folks to accomplish with respect to an oil spill?  I think my first mistake was to expect something rational.

 

Fri, 04/30/2010 - 14:05 | 325841 Commander Cody
Commander Cody's picture

Perhaps the spill was not an accident?

Fri, 04/30/2010 - 14:13 | 325850 Cognitive Dissonance
Cognitive Dissonance's picture

Perhaps it's (the beginnings of) a false flag attack. There were many agencies dispatched to NYC and DC in the days before 9/11. FEMA just happened to be deployed a few blocks away from the WTC. I don't believe anything my government tells me nor do I believe in accidents or coincidences any more.

How did this go from a small problem to bigger than Valdez in 2 days? It didn't. We were told one thing and then another.

Fri, 04/30/2010 - 15:40 | 325974 WaterWings
WaterWings's picture

North Korean torpedo!

But, really, things are pretty upside down. Half the news at HuffPo is "media" (Sandra Bullock, poor girl; new baby!) - and now they are handing out whistles and pom-poms in the comment section ("badging").

For the rest of us, there is Zero Hedge.

For today's extracurricular enjoyment I present the systematic extermination of Gingers:

http://vimeo.com/11219730

Fri, 04/30/2010 - 15:51 | 326002 Marla And Me
Marla And Me's picture

I'm glad someone finally took it upon themselves to exterminate those Gingers.  I mean, by God, they wanted to kidnap Mohammad!  Sadly, Comedy Central has no balls (nevermind that Mohammad never was in the bear suit in the first place...) and won't be posting the episode online.  They even censored Kyle's speech at the end of the 2-episode 200th episode celebration.  He didn't even say the word Mohammad in his speech.  What a bunch of cowards.

http://en.wikipedia.org/wiki/200_(South_Park)

This prompted people to come up with National Draw Mohammad day on May 20th - http://reason.com/blog/2010/04/23/first-annual-everybody-draw-mo.  God I love the people of this country sometimes.  Question is, will you be drawing Mohammad on 5/20/10?

Fri, 04/30/2010 - 16:57 | 326133 Miles Kendig
Miles Kendig's picture

And don't forget there are those pesky National Security Executive Orders that encumber matters.

Fri, 04/30/2010 - 13:15 | 325740 bigdad06
bigdad06's picture

Nice letter! Print it a few hundred times and it would make some great wallpaper. All this fraud leads back to Congress. They are the ones who gave it the stamp of approval. No one will go to jail over this Marcy. Who are you trying to bullshit?

Fri, 04/30/2010 - 14:07 | 325843 Commander Cody
Commander Cody's picture

As my dear father used to say:  If bullshit was electricity, then Congress could power the country.

Fri, 04/30/2010 - 14:07 | 325844 Votewithabullet
Votewithabullet's picture

I thought Saddam Hussien was a hapless bastard....They put the stupidest person at the top of the list.

Fri, 04/30/2010 - 13:17 | 325744 Cistercian
Cistercian's picture

 I'm in heaven......

 I will try not to be cynical for a short time, and just enjoy the doomfest for the criminals for a while.

 Yes, so many more need prosecution, but today is pretty sweet none the less!

Fri, 04/30/2010 - 13:21 | 325749 Rick Blaine
Rick Blaine's picture

Holder might be the nicest guy in the world...

...but as AG, he's been nothing but a waste of oxygen up to this point.

I doubt this letter will do anything to change that.

Fri, 04/30/2010 - 13:48 | 325803 gmrpeabody
gmrpeabody's picture

+100

Fri, 04/30/2010 - 13:59 | 325821 akak
akak's picture

(I know I've posted this before, but just a few more times for anyone who might have missed it yesterday:)

 

Before responding to "Harry Wanger", please be aware of just whom and what you are dealing with in this person:

http://www.minyanville.com/businessmarkets/articles/AAPL-apple-gm-psycho...

His real name is James Kostohryz, and he is here posing as a troll in dishonesty and in disregard for the fundamental purposes of this forum. He is NOT posting here in good faith, but is purposely antagonizing those with independent, anti-establishment views and opinions for his own selfish and cynical purposes, as part of a self-styled study on "the psychology of permabears". 

He believes that anyone who opposes the current widespread fraud, corruption and rampant lies within our societies and governments are "utopian" and unrealistic, pollyannish dreamers.

And for those ZeroHedgers who are advocates of sound money backed by gold, this bankster shill is already out there with one of the most disingenuous, dishonest pieces of pro-establishment propaganda on the topic, expounding on how such financial integrity is "impossible", and merely "the rants of an ideological fringe":

http://finance.yahoo.com/news/The-Gold-Standard-Solid-as-minyanville-285...

 

Please do NOT respond to this reprehensible troll, here or anywhere else on ZeroHedge.  He is NOT here in good faith, and should be shunned!  Responding to him only plays into his cynical hands and feeds his twisted game.

Fri, 04/30/2010 - 14:03 | 325835 Cognitive Dissonance
Cognitive Dissonance's picture

Keep on posting it. It's your opinion and is just as (in)valid as mine.

Of course, Marla may not like you stalking poor old Harry but what the heck, you're doing the community a service. I've noticed Harry hasn't directly responded to you. Maybe he thinks you're a troll. :>)

Fri, 04/30/2010 - 14:08 | 325847 HarryWanger
HarryWanger's picture

CD: I have respect for posters like you. We may disagree but there's no profanity/name calling, etc. I don't respond to this guy because I don't know what the hell he's talking about or why he thinks I'm the guy at Minyanville. It seems to be a silly assumption but it's his opinion.

Fri, 04/30/2010 - 14:19 | 325861 akak
akak's picture

Face it, you've been outed, James, you lying bastard.  The evidence is plain for anyone to see just what your game is here.  I doubt anyone is buying it any longer.

But I do hope you trolled-up a sufficiently large sample of "the psychology of utopian permabears" to proceed with your "study" of the "frustrated dreamers" who demand truth and accountability from their political and financial leaders.

 

Fri, 04/30/2010 - 14:14 | 325855 Votewithabullet
Votewithabullet's picture

This fuc fancies himself as sherlock holmes and his pontius pilot routine is not nearly as funny as the wanker. 

Fri, 04/30/2010 - 14:23 | 325866 akak
akak's picture

You know, it is the apathetic, see-no-evil attitude of moral abdication and indifference like yours that have resulted in the widespread corruption and moral, social, and financial decay that the world faces today.

Fri, 04/30/2010 - 14:25 | 325871 Commander Cody
Commander Cody's picture

Gee, he's seems like such a nice guy though.  And very well behaved.

Fri, 04/30/2010 - 14:35 | 325891 Cognitive Dissonance
Cognitive Dissonance's picture

So is Blankfein.

Fri, 04/30/2010 - 14:45 | 325913 Assetman
Assetman's picture

And Bernenke and Geithner, for that matter.

Fri, 04/30/2010 - 14:54 | 325930 Cognitive Dissonance
Cognitive Dissonance's picture

That's what the prep schools are for, to polish the rotten-to-the-core-apples, making them presentable to the public.

Fri, 04/30/2010 - 15:58 | 326015 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

As to why they failed concerning W., no one will ever know.

Fri, 04/30/2010 - 16:55 | 326129 Miles Kendig
Miles Kendig's picture

Pure adolescent incorrigibility...

Fri, 04/30/2010 - 18:51 | 326308 David449420
David449420's picture

Whenever I think of W, I always flash on dear old Dad, reprising Sherrif Buford T. Justice, and saying to W, "When I get home, I'm gonna punch yo Momma right in the mouth, because no way, no how you come from my loins".

Fri, 04/30/2010 - 21:59 | 326498 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Funny, I like to think of his granpappie calling him over after getting caught introducing the circle jerk to the fellow preps and sneaking him a silver coin.

"Don't tell anybody.  Now run along, and give them hell!"

Both are most assuredly correct.

Sun, 05/02/2010 - 12:17 | 327877 vzhyk
vzhyk's picture

these are puppets - follow the money

Fri, 04/30/2010 - 16:55 | 326132 Strider52
Strider52's picture

CD, that's spelled L.O.R.D Black Fiend..

Fri, 04/30/2010 - 17:52 | 326230 Cognitive Dissonance
Cognitive Dissonance's picture

My bad. I always forget the title as well as the correct spelling. :>)

Fri, 04/30/2010 - 14:03 | 325836 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Copy.  Good work akak.  And for your services, I think everyone got the memo (evidence in that no one is responding to this clown).  Arsonists like to watch their fires afterall.  This guy is like Bernanke with his front row seat....

Fri, 04/30/2010 - 23:02 | 326554 John Self
John Self's picture

I disagree with him, but I'm not sure I see bad faith.

Fri, 04/30/2010 - 13:26 | 325757 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I know what I know, I'll sing what I said, we come and we go.  That's the thing I keep in the back of my head.

Goldman Sachs perpetrated fraud, and so did all the banks.  And so did Congress.  Lynch them all.

I know what I know, I'll sing what I have said, we come and we go.  That's the thing I keep in the back of my head.

Fri, 04/30/2010 - 13:29 | 325758 Miles Kendig
Miles Kendig's picture

Old and grizzled is in need of grooming to a buzz cut Madhattan trader.. ;-]  Hell, I was told as a young musician I was in need of grooming too... Look what happened once the system got a hold of me. I died. - Layne

Fri, 04/30/2010 - 13:29 | 325762 ambrosiac
ambrosiac's picture

 

I'm long on companies making waterproof covers for Ferraris in Attica and Leavenworth parking lots.

Fri, 04/30/2010 - 13:34 | 325769 Problem Is
Problem Is's picture

To: Rep. Kaptur et al.

From: The Office of the Honorable Eric Holder
United States Attorney General
U.S. Department of Justice

Dear Congressional Rep. Kaptur (Capture) and Friends:

"Wrote a letter to my AG
Postman put in his sack
But the very next morning
The letter came right back:

Return to Sender:
That AG Unknown
Never showed up to work
Not even a clone.

Return to Sender:
Empty Suit Unknown,
No such Person,
No such Zone..."

Jack A.S.Staff
Faceless Bureaucrat
U.S. Department of Justice

**** Security Clearance Only *****

Forward: ** NSA ** FBI ** GS Team Treasury **

*** Probable Congressional JPM Campaign Bribe Takers ***

Fri, 04/30/2010 - 13:45 | 325798 chumbawamba
chumbawamba's picture

:)

Fri, 04/30/2010 - 15:50 | 326001 WaterWings
WaterWings's picture

Great posts, PI.

Fri, 04/30/2010 - 13:33 | 325772 earnyermoney
earnyermoney's picture

No suprise on Mel Watt or David Price from North Carolina

Fri, 04/30/2010 - 13:36 | 325780 Dirtt
Dirtt's picture

Hirono from Hawai'i blew me away.  I thought everyone from the Aloha State got their marching orders from Rahm.

Maybe it's a typo.

Fri, 04/30/2010 - 13:34 | 325775 Dirtt
Dirtt's picture

Who are they trying to bullshit indeed.  What's next?  Harvey Weinstein wants to clean up Hollywood?

Fri, 04/30/2010 - 13:38 | 325782 Kaiser Sousa
Kaiser Sousa's picture

Holder????

wasnt he supposed to go after those "fat cat" torturers?

Fri, 04/30/2010 - 13:40 | 325788 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I think Holder likes to take naps once or twice a day.

Fri, 04/30/2010 - 14:07 | 325845 Cognitive Dissonance
Cognitive Dissonance's picture

New avatar? My old eyes can't see things that small but it looks like ladies. Care to give a reference? Looks like a mag or album cover. 

Fri, 04/30/2010 - 14:29 | 325880 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"The Hills" cover of Rolling Stone.  Thought I would kill a few birds; ode to TD via Taibbi and Moore. 

Fri, 04/30/2010 - 14:39 | 325904 Cognitive Dissonance
Cognitive Dissonance's picture

Oh, you mean this? Nice!

Fri, 04/30/2010 - 14:45 | 325915 chumbawamba
chumbawamba's picture

I like the one with the nice ass.  That being said, they're all fake.

I am Chumbawamba.

Fri, 04/30/2010 - 15:26 | 325975 Hulk
Hulk's picture

They are all fake. Sad that we encourage brainlessness....and impossible to attain/maintain so called desirable figures.

Fri, 04/30/2010 - 22:29 | 326529 trav7777
trav7777's picture

Impossible? Hardly. With the miracle of modern digital image enhancement, everybody can look like a supermodel made of porcelain.  Just don't ever go out in public

Fri, 04/30/2010 - 15:26 | 325976 WineSorbet
WineSorbet's picture

Chumba, my girlfriend just gave you at +100000000000000000000

Fri, 04/30/2010 - 15:59 | 326017 Cognitive Dissonance
Cognitive Dissonance's picture

Chumba, you've hit the big time when ZHer girlfriends are giving you the thumbs up.

You're my hero dude. :>)

 

Fri, 04/30/2010 - 19:29 | 326362 Miles Kendig
Miles Kendig's picture

The wallpaper world of life on page 3.  That being said there is no doubt that we choose to inhabit a three dimensional world rather than a two dimensional one Chumba.  No wonder many think that the writers for "The Hills" moonlight doing narrative at CNBC.

Sat, 05/01/2010 - 03:05 | 326710 Problem Is
Problem Is's picture

It looks like the four of them caused "Hillary's Bitter Endgame" black patch, in the upper right... You think that is Billary Clinton or some Hollywood Bimbo-ette Hillary?

Fri, 04/30/2010 - 17:27 | 326191 velobabe
velobabe's picture

well i got my answer to my question about your new look and if i saw flesh. yes, beautiful female skin. what the heck is “the hills”? Moore?

please someone tell me. i know i am late to this page.

Fri, 04/30/2010 - 21:40 | 326480 velobabe
velobabe's picture

you suck†

i still don't get it.

but lizzy posted something about the_hills, babe show on MTV. so i know that now.

Fri, 04/30/2010 - 21:55 | 326496 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And you are funny.

Sat, 05/01/2010 - 03:30 | 326721 Problem Is
Problem Is's picture

LH... check out the rack on velobabe... I am getting Mika flashbacks... Sticks'em right in your face...

Sat, 05/01/2010 - 21:26 | 327409 velobabe
velobabe's picture

and they are real!

pride myself with my perky, ones†

wouldn't go as far as calling them a RACK, that is a bit of a stretch.

Fri, 04/30/2010 - 13:47 | 325800 Ras Bongo
Ras Bongo's picture

Paul and Issa haven't signed the letter... tells a lot.

Fri, 04/30/2010 - 14:31 | 325884 Mitchman
Mitchman's picture

Maybe they weren't asked?  Keep the message cleaner?

Fri, 04/30/2010 - 13:53 | 325801 fUny1
fUny1's picture

Well, are we at last going to find out whether or not the street can survive the shock of a Goldman Sachs criminal indictment?

Will we go after JP Morgan next?

They're running a super levered 90+ Trillion derivatives Ponzi scheme. I do not have a bank account with them but several credit card accounts with all kinds of 3-5% cash back gimmicks and 10k points of first purchase etc.....

Judging by the whitewashing of AIG's 2005 scandal, I am not holding my breath for an indictment. Goldman after all is too big to fail which likely will mean we will not have an economy in 3 years time by the time they're found to be running one of the longest running stash the losses in level 3 schemes in history.

These guys are just like Enron. They're not the smartest guys in the room. They're just the most brashly corrupt and eventually they'll get the Stamford perp walks.

http://funy1.blogspot.com/2010/04/will-government-sachs-get-criminally.html

Can we get that type of Justice before the US and World economies are in shambles?
I'll believe it when I see it.

Fri, 04/30/2010 - 13:55 | 325819 deadparrot
deadparrot's picture

IMO, GS stock price is inversely correlated to the likelihood of another 9/11-size terrorist attacks. The boys are going to need another enemy soon to blame the economy on.

Fri, 04/30/2010 - 17:56 | 326232 BoeingSpaceliner797
BoeingSpaceliner797's picture

JPM will never be next.  Who would administer food stamps?

Fri, 04/30/2010 - 13:49 | 325804 chumbawamba
chumbawamba's picture

Dear Marcy,

Way to really go after the issues.  I bet you still think your constituents are easily fooled rubes that will be compelled to vote for you in the next election because of your principled stand against a bank from which you most likely took campaign contributions.  Well, you're probably right, but that still won't save you.  The silent minority watches and winces, and the lamp posts on The Mall are sturdy and many.  In the game of musical chairs that you and your colleagues will be playing, everyone will have a place to sit and "hang around".

Sincerely,

Chumb A. Wamba

Fri, 04/30/2010 - 13:59 | 325824 B9K9
B9K9's picture

To: Los Angeles Field Office

From: Eschelon Western Regional Hub

Subject: Chumb A. Wamba

Code Words: won't save you, lamp posts, 'hang' around

Recommended Action: Remedy with Extreme Prejudice

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Version: 2.6.2

 

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Fri, 04/30/2010 - 14:05 | 325840 Altan311
Altan311's picture

Please explain. That is to say, I know what this is, but provide some context.

Fri, 04/30/2010 - 14:14 | 325854 chumbawamba
chumbawamba's picture

It's a warning.

So am I.

I am Chumbawamba.

Fri, 04/30/2010 - 15:56 | 326007 WaterWings
WaterWings's picture

ECHELON:

http://en.wikipedia.org/wiki/Echelon_%28signals_intelligence%29

PGP:

http://en.wikipedia.org/wiki/PGP_encryption

Possible backdoor for Fedz to read what you sez. Just don't dissent and ur prolly okay.

---

Recommended Action: Remedy with Extreme Prejudice

LOL

Chumba, that GPS point marked for your front door is about to get knocked by one of these:

http://talibanwatch.com/wp-content/uploads/2009/08/a118_predator_firing_...

Fri, 04/30/2010 - 14:30 | 325881 koaj
koaj's picture

http://www.opensecrets.org/politicians/industries.php?cycle=Career&cid=N...

 

goldman isnt giving to a lowly congresswoman from ohio. she represents unions. she was also pretty strong on the Audit the Fed bill

Fri, 04/30/2010 - 14:43 | 325911 chumbawamba
chumbawamba's picture

Sometimes my ire gets the best of me.  I'm like an Arizonian sheriff: I found her suspect based on her outward appearance (being a US Congresscritter).  After reviewing her pertinent records, I see that I was perhaps a bit harsh.

I'll give her a pass.

I am Chumbawamba.

Fri, 04/30/2010 - 19:37 | 326371 Miles Kendig
Miles Kendig's picture

After reviewing her pertinent records, I see that I was perhaps a bit harsh.

wow Chumb... a bit harsh... I thought that is your stock and trade.  The potentials of mending perhaps?  Have a good one!

Fri, 04/30/2010 - 13:49 | 325806 Kataphraktos
Kataphraktos's picture

I find writing letters addressed to reanimated corpses to be quite ineffective.

Fri, 04/30/2010 - 14:29 | 325879 Mitchman
Mitchman's picture

+10! LMAO

Fri, 04/30/2010 - 19:38 | 326375 Miles Kendig
Miles Kendig's picture

Alternative means of expression with congress critters and their associated partners are being devised... Stay tuned

Fri, 04/30/2010 - 13:53 | 325814 anony
anony's picture

Imagine that.  In an election year. 

"I try not to be cynical, but I can't keep up".  (l tomlin)

Fri, 04/30/2010 - 14:02 | 325834 steelhead23
steelhead23's picture

"If both global and domestic confidence in the integrity of the U.S. financial system is to be regained, there must be confidence that criminal acts will be vigorously pursued and perpetrators punished."

Exactly.  Those apologists for GS, particularly those with a connection to the Street (e.g. WSJ) should stand-up and take notice.  The market makers will not continually have access to free money from the Fed.  If Mr. and Mrs. 401(k) stay away, where oh where will you find the OPM you love to play with - and enrich yourselves with.  Rather than extolling GS's virtues, you should be burying them - calling them a bad apple - distancing yourselves.  By shouting loudly that this cheating is business as usual on the Street, you are driving us all away.  Is that what you want?

Fri, 04/30/2010 - 14:05 | 325838 bluewarrior
bluewarrior's picture

I wonder whether Goldman's move to make Warren Buffet a stakeholder was aimed to raise money or to get more public leverage. If so it will be interesting to see how Buffet's role plays out in this whole drama......

For all you know this whole investigation is just a eyewash for public (moron) consumption....but doesn't matter, because Goldma's ability to profit depends on the perceptions of morons.

No support from morons means no stellar profits.....

Fri, 04/30/2010 - 14:09 | 325848 jkruffin
jkruffin's picture

Gee, not a single North Carolina Rep. signs the letter.  Hopefully, this is made public as to which crooks in the Senate and House are in bed with the bankers.  Absolutely, no reason for not having every single signature in our Congress on this letter.

 

People in NC need to wake up and watch who they are voting for going forward.  I posted a response letter from Kay Hagan yesterday refusing to audit the FED, and basically admitting that if the American public was aware of the fraud going on within the FED and TRSY, the American citizens would suffer.

Fri, 04/30/2010 - 16:03 | 326024 earnyermoney
earnyermoney's picture

At least you got a response from K. Hagan. I have written many letters and caller her office in D.C. on S. 604 and Bernanke's confirmation. Did not get a single response because of my Independant political affiliation. She's a FAIL and I can not wait to kick her arse to the curb in 2014

Fri, 04/30/2010 - 14:15 | 325856 chumbawamba
chumbawamba's picture

Bill Clinton give mad props to the gold standard:

http://www.lewrockwell.com/blog/lewrw/archives/56731.html

I am Chumbawamba.

Fri, 04/30/2010 - 14:51 | 325923 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I like the flame above his head, symbolic.  Gold standard talk and typical Bill.  Gold standard had to go because of deficit problems, eh?  This from the man who had to shut down Congress to foot the bill.  One of the biggest lies circulating in the Status Quo is that he balanced the budget.  Once in eight years, and the other seven years he ran in the red huge!  Way to go! 

Bill also chastised the CIA and other US intel for not informing him of peak oil during his presidency (he stated this around '03).  Bill, you were the fucking president.  You had access to the documents.  So I do not believe you.  Gold standard and peak oil.  Easy to mince words now that you are not in office, eh?  Bill is like the dumb blonde of presidents.  Note to Bill, read a book.

Fri, 04/30/2010 - 18:04 | 326246 BoeingSpaceliner797
BoeingSpaceliner797's picture

Bubba's not stupid.  He is just playing the role that he has been ASSigned.

Fri, 04/30/2010 - 14:26 | 325874 Commander Cody
Commander Cody's picture

All just a prelude.  I'm waiting for some real shit to hit the fan.

Fri, 04/30/2010 - 14:31 | 325885 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Goldman gets spanked with one hand and the other hand throws more paper on the bonfire on the vanities.  Gold is still in the furnace, flames licking it for a good time.

Fri, 04/30/2010 - 14:38 | 325901 Commander Cody
Commander Cody's picture

I love that dirty talk.

Fri, 04/30/2010 - 14:30 | 325882 jkruffin
jkruffin's picture

Just read somewhere that the FDIC is working toward securing paperwork to seize GS assets.  Anyone else hear or see this anywhere?  Exactly what they need to do before its all shredded.

Fri, 04/30/2010 - 14:31 | 325883 HarryWanger
HarryWanger's picture


WASHINGTON (AFP) – President Barack Obama on Friday declared the US economy was "in a much better place" than a year ago as growth figures for the first three months of the year spurred hopes of a solid recovery.

"The economy that was losing jobs a year ago is creating jobs today," Obama said, "we're moving forward. Our economy is stronger."

Earlier the Commerce Department reported US gross domestic product (GDP) grew 3.2 percent pace in the first quarter, up from minus 6.4 percent at the same time last year.

The first estimate was just below market expectations for growth of 3.3 percent, but marked the third consecutive quarter of economic expansion as Americans began spending more.

That was seen as further evidence that the world's largest economy is slowly recovering from the worst economic crisis since the 1930s.

"Our economy is stronger. The economic heart beat is growing stronger," Obama said.

-Couldn't have said it better myself, Mr. President.

Fri, 04/30/2010 - 14:34 | 325889 Commander Cody
Commander Cody's picture

Oh goody!  Thank you, Harry.  My heart is beating stronger too.

Fri, 04/30/2010 - 14:48 | 325921 Assetman
Assetman's picture

Ooooooh!  I'm getting the warm and fuzzies again!

Thanks... HarryJimmyHarryJimmyHarryJimmy!

 

Fri, 04/30/2010 - 15:48 | 325999 Hephasteus
Hephasteus's picture

Are they downloading the emotional manipulation without a drop of it going to the pscyhopaths? LOL

Doncha worry won't be long we'll crack those pscyhopaths open and download a nice detailed stream of hatred so they can examine every single nuance of what is we are exactly pissed about. If it makes some of em catatonic. So be it.

Fri, 04/30/2010 - 14:35 | 325893 Mitchman
Mitchman's picture

Dear HW.  Even in the good old days, the folks at Pravda would have been embarrassed to print this type of stuff.  Have you no pride, man?

Fri, 04/30/2010 - 14:38 | 325895 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Trolls feed the fire.  Lets get it hot!  GOLD DON'T BURN!

-creating Census, the jobs are temporary

-moving forward; with the police state

-GDP=Lies+inflation

-spending more worthless FIAT, no savings...again

-the '30's ain't got nothing on this, bad comparison

-hearts and bones......

Fri, 04/30/2010 - 14:40 | 325906 Commander Cody
Commander Cody's picture

On second thought, the markets don't seem to be in agreement with this assessment.  But, there's still time for the PM algo ramp.

Fri, 04/30/2010 - 14:51 | 325928 the phantom
the phantom's picture

You consider gov't debt (er, I mean stimulus) to be real strength?  How much of that number was due directly to the printing press... i.e. not organic? 

"Hey John, you get laid last night?"

"Sure did"

"Nice!"

"Yeah, but I had to rape her"

"Oh"

 

Do you see the difference Harry? 

 

 

 

Fri, 04/30/2010 - 16:17 | 326050 Marla And Me
Marla And Me's picture

+1

lol - priceless!

Fri, 04/30/2010 - 19:17 | 326352 David449420
David449420's picture

Guess what?  He would profess that he doesn't.

Fri, 04/30/2010 - 15:14 | 325959 George Costanza
George Costanza's picture

I just typed a thank you to Rep Kaptur on her web page, and also to my Rep where I live for signing the letter.   If you want to show support,  or ask your Rep why they are not on the letter, just google like this....  " Nancy Kaptur contact" and you will get their home web page. Each Rep has a contact form for you to send a note. It takes 3 minutes.   And yes they do listen.

Fri, 04/30/2010 - 16:54 | 326128 anony
anony's picture

That's what they do.  They talk and they listen. They talk and they listen on an endless feedback loop.

That gives them the alibi to why they don't actually DO ANYTHING!!!

Fri, 04/30/2010 - 15:21 | 325968 geminiRX
geminiRX's picture

"The economy that was losing jobs a year ago is creating jobs today,"

Seriously Harry......

positive job creation was from massive census hiring..... temporary jobs that will go "poof!" very shortly. Or is that employment is looking better because millions have exhausted all unemployment benefits (and fell off the list?).

Fri, 04/30/2010 - 15:31 | 325979 trav7777
trav7777's picture

DC CityPaper called him Eric "Place" Holder during his time here as a city and US Attorney.

The guy is a total fuckin joke and a crony/associate/fellow black of Barry O.

Fri, 04/30/2010 - 15:57 | 326012 buzzsaw99
buzzsaw99's picture

Marcy = Strain at a gnat, swallow a gallon of squid jizz.

Fri, 04/30/2010 - 16:05 | 326028 Sancho Ponzi
Sancho Ponzi's picture

The trolls are out en masse.

Fri, 04/30/2010 - 16:27 | 326068 CD
CD's picture

While skeptical of any true 'criminal probe' of GS, I idly wonder about their 'safety deposit box envelope in case of indictment/arrest' as well as their 'Samson plan'. Being GS, I am not even sure they would bother with the envelope...

Fri, 04/30/2010 - 16:59 | 326136 markar
markar's picture

Hey HW. What happens when 7 million not paying their mortgages have to start paying rent? Or those 1 million just about to drop off extended UE benefits? And how many of  those 8 million lost jobs are coming back?

Yup, economy recovering nicely..

What a dickhead!

Fri, 04/30/2010 - 23:51 | 326597 Kreditanstalt
Kreditanstalt's picture

Marcy Kaptur is no angel.  Voted "yes" on Obamacare, after all.

The public loves politicians who "attack the banks" because the masses would DEARLY LOVE to have a scapegoat for their own financial woes, falling living standards and borrowing excess...

So it's good politics to be a rabble-rousing populist.  We have to differentiate between those true leaders who are willing to place blame where it partly belongs - on the middle class public - and those politicians who play this kind of victimization card...

But the proles LOVE IT, and so does the MSM...

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