- advertisements -
If the Feds ever used the RICO act against Wall Street we'd have to build a few new prison to hold all the bums.
Never happen though because the next stage in that evolution would be to use the RICO act on themselves.
I'm getting tired of all these well reasoned analysis of how crooked this snake pit really is..
We need to napalm wall street before sunset..Put the orders in Col.Paulson..Hank......Hank where are you ...hello Hank.....Just can't get good help anymore.
Then the next time you are on vacation in NYC, invest in a remote-control model airplane (carrying "you know what") and a remote-control model car (also carrying "you know what") and have a blast! (That would be in the vicinity of Broad Street!)
By the time the barbarians got to the gates of Rome or (insert name of any declining city/state throughout recorded history) it had already been looted from within by the wealthy and powerful.
The oldest tricks are the best tricks.
Which reminds me ... I vaguely remember seeing Eric Holder being sworn in as Attorney General, has he started work yet?
If he starts to push , however unlikely,, he will undoubtedly end up on the wrong airplane.
Sure thing, dood, Eric Holder, a k a Mr. Chiquita, had a memorable first action as AG: he directed his staff to go after the whistle-blower on Riley's staff (Riley was that crook who stole the election from Gov. Siegelman and illegitimately sent him to jail with the assistance of Karl Rove's friends).
Yup, I'm sure we can depend on all of Obama's toxic appointments (Diana Farrell, Larry Summers, Laura Tyson, and the rest of the Bretton Woods Committee/Peterson Institute/G30 gang).
Excellent. Especially the part about the cops being in on the scheme.
Fuggitabout the drugs and prostitution, the street pushers and pimps. Too grimy. Wall Street is where the action is. Always wear the silk tie when you gotta' lie.
Yes, and no need to use the daily fishwrap to hide your face.
This payment of dividends by borrowing in the bond market has been a feature of the junk bond market for ever.
I was always baffled as to why investors would buy these issues ( which were clearly labeled correctly). They did not do it stealthily: it was written in black and white.
The answer as always was greed, the extra yield. See where it lead us.
Everybody was on it. As a matter of principle , I have always refused to buy these particular issues and I think I was part of a club of 1
I never did either, make it 2...If you look at a flow chart of the CDS and the flow of cash it becomes clear why the rating agencies where scard shit to lower AIG..
Rule: Bulls and bears make money; pigs go to slaughter.
1st Corrollary: when everyone is on one side of the trade, time to start taking the opposite bet.
Great article, but pointing out every single instance of malfeasance becomes counterproductive. What's the next step?
Somebody, anybody save our country before it's too late.
My friend, the (somebody, anybody) is just about down to us, meaning you and me and our neighbors. This is not a personal challenge or a slap in your face. But if you're not willing to do anything, why would anyone else?
I've had some interesting conversations with individuals in law enforcement and the judiciary, those you would think would be the "someone" to save our country. They feel as helpless as you and I do.
They are in the same boat as everyone else. They risk life, limb and retirement if they rock the boat and move against the vested interests. If we don't rise up as one and support them BEFORE they move, they will not move.
CD, I've been involved in many of these efforts in the past and I have to tell you, the problem is mobilization. You can't get enough head count, sustained. France, Spain, many countries have had general strikes, with success.. I can't see how the American people will give up what they think is a cushy lifestyle in order to strike without assurances of success. You talk about cops no wanting to risk this kind of effort,,,,well I guess we should ask our founding fathers if they had assurances of success....
Difficult problem. CD
Combine the "head" lock the MSM media has on the average Joe with the understanding that he/she has been deep captured long ago by way of their 401(k), IRA and pensions and is it any wonder he/she is asleep at the wheel?
I've said it before. Until the average Joe has nothing left to lose, they won't act as if they have nothing left to lose. The masters of the universe act like desperate men and women. Average Joe needs to do some catching up in this department.
It will have to get worse before it gets better
Let us see what happens when a couple million more sheeple are fired and foreclosed on...
2010 looks to be a stellar year for both. We should have a peak of 12.6% U3 unemployment by Q3 2010 with U5 at ~15% and U6 which counts PT underemployed at 21%.
2010 will be record foreclosure-rama. Even with the banks delaying, extend and pretend NOD and foreclosure action to avoid the massive mark downs on the bad loans.
2009 estimates of foreclosures is 3.5 million after a whopping 938,000 in Q3 easily beating 2008's record 2.3 million. 2010 could easily break the 4 million foreclosure threshold.
So the American public are not outraged simply because they have not eaten a big enough shit sandwich off of Wall Street and their worthless bought off politicians yet...
A foreclosed on, homeless, unemployed, Palin lovin', abortion protestin', teabagger with the right to bear automatic weapons...
Is a dangerous foreclosed on, homeless, unemployed, Palin lovin', abortion protestin', teabagger loading his automatic weapons...
I agree. Eventually, when the pain level gets higher (much higher) average Joe will put the beer down, shut off the TV and get active.
Then martial law is rolled out.
Militarized police, pentagon troops/foreign troops, no shit folks end of Posse Comitatus.
Non related BULLETIN: 8 Billion of Hilton Hotel debt carried by the FED as part of the Bear Sterns bailout.
News to me
Problem with those teabaggers, is they are too f**ktard to ever figure out who the real enemy is and will forever take their marching orders from the wrong turds.
Now what was Greenberg doing in between A.I.G. and his latest insurance fraud venture?
Why, he was in charge of the Starr Foundation, supporting all those shows 'splaining how those "wise men of Wall Street" pulled us back from the brink, and they just happened to walk away with millions, billions and trillions.
It all "just happened" --- it was "unintended consequences" "accidental" --- and your teabagger morons eat it up.....
Back in the '60s, there was actually pushback by a few fellows: John F. Kennedy (whacked!), Malcolm X (whacked!), Rev. Martin Luther King (whacked!) and Bobby Kennedy (whacked!).
Now, during the Bushie years, several intelligence analysts were thrown off buildings, the former head of Ex-Im Bank (who was about to give an interview to a reporter) experienced a most bizarre "suicide" (you'd have to read it to believe it), and those Delta guys who tipped off Seymour Hersh about the escape of bin Laden at Tora Bora ended up "killing their spouses or girlfriends, then committing suicide" (right, all that Delta team freaked out at the same time frame!).
But you got to pay attention, dood. There be heroes, and they are still being whacked!
The most important lesson from those years was that everyone was vulnerable, including the President.
Especially the President.
Since that time, puppets have held the office. Agree to support the system and you are "allowed" to make some token changes and enter the history books.
President is a puppet post. Poverty pimp
Brilliant piece. I actually made same analogy weeks ago...
We must CLAW BACK remaining TARP funds that was authorized by Congress to be used by the Treasury (in one of the all-time GUTLESS moves ever) can be rescinded and taken back. I just spoke to my Congressman's office and they said Congress has the authority to pull back the remaining TARP funds, if they wish to do so. It's time to hold these cowards responsible for writing A BLANK CHECK for the Treasury to disperse as it sees fit WITHOUT ANY CONGRESSIONAL OVERSIGHT. Congress did this in order to use the Treasury as a scapegoat if things blew up in their face. They can simply blame Geithner and accept no responsibility for the HORRIBLE decsions made to bailout auto manufacturers, their finance arms, and failed overleveraged, insolvent banks. While they can say it wasn't their fault for specific decsisions made by tax cheat Geithner- they cannot shun responsibility for giving him the blank check in the first place, nor can they credibly argue that they had no reason to take the funds back, after the obvious breach of fiduciary responsibility exhibited by Treasury.
CALL YOUR SENATOR AND REPRESENTATIVE to find out where they stand on this and DEMAND they claw back OUR MONEY from the Treasury, before it is FOREVER LOST to more bailouts.
The days where you give a loser a trophy and pat on the back just for "trying" are over. Let the winners win, and the losers fail. E-FUCKING-NUFF already.
Also, we need to AUDIT THE FED NOW. Here's how: http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207/
Tell me where a serious, non-political, non-talk show host sponsored "rise up" will be and I will make it.
Start one yourself. Someone must lead. I will follow.
No one wishes to stick their head up into the line of fire. Can you blame them? Can you blame us? Can I blame you?
Considering that you would have both political parties, the vested money interest and the MSM arrayed against you, one would have a mighty tall mountain to climb.
I'm in Chicago at the moment, just finished threatening and swearing at a bunch of bankster turds. Didn't happen to see you here, mmlevine.
Did I miss you??????
Goodfellas is one of my favorite movies and I have read Pileggi's book several times. There is one incredibly telling passage in the book where Henry Hill describes stealing bearer bonds and then selling them to people from Wall Street. After they were sold for pennies on the dollar, Hill found out the Wall Street investment houses were shipping the stolen bonds overseas as collateral on loans - and he figured they were worth significantly more than the suits had paid them. Even the mob gets taken by Wall Street.
That's funny ,but true..
The mob never gets taken; recall, the bust out (and your example of the bonds) yields 100% profit- no matter what that profit is.
There is also an interesting episode of the Sopranos where they have set up an outfit to push penny stock- the classic "pump and dump", which also sounds very familiar these days.
None of these shenanigans would be possible without "the cops"
In the begining, the Mafia modeled itself on government- but in the end, the government always ends up modeling itself on the Mafia.
Here's a great clip from that Sopranos episode:
The best post I have seen that explains to the average American what just happened. Now go get your shine box!!!
Now go get your shine box!!!
Ya the definition of democracy, Two wolves and a sheep deciding what to have for dinner.
April 15th. March on Washington, single file as taxpayers deposit 1040's into a massive paper shredder. Shredex ought to set up local stations for people to "deposit" 1040's. Would be GREAT publicity for Shredex, and would certainly get the attention of the treasonous politicians who fear someone might "Fargo" their asses.
Wasn't Greenberg forced out of AIG? This makes it sound like he left voluntarily.
The entire derivatives market is just a scam to avoid banking and accounting regulations.........they should give the scumbags x amount of time to unwind their positions and then CLOSE IT ALL DOWN.
Bingo! Extremely well written post. Once you understand the basic principles upon which the US Economy and US Government today operates - i.e. theft, robbery and crime - the rest is easy. It becomes so fucking EASY to predict "market" moves, it's not even funny. All the high-sounding economic gobbledygook is bloody nonsense.
Some of us are still on Main St. I even give better loan rates than credit card companies.
From another movie (Pretty woman)
H(ooker): what DO you do for living
B(usinessman): i buy companies, break them apart, and sell off the pieces
H: like a car thief? steal a car, and sell it as parts?
B: yes, sort of, but *LEGAL*
When you can use PIK notes or anything PIK related to operate a business......failure is eventual. Was Simmons using PIK financing????????
+10. Well said.
Excellent post and I couldn't agree more. Wall Street = New Jack City.
Good fellas love the crime, they love more getting away with it, loved best getting away in broad daylight with the cops on the take, and then sensationalizing it with every minute detail fully explained to the victim.
They delight in hunting down innocent, defenseless prey, gutting them while holding their severed still alive head to view the carnage. And then the lights go out.
Welcome to the final chapter in the great American experiment.
Used to be shirtsleeves to shirtsleeves in three generations.
Transformed into slaughterhouse floor to slaughterhouse gutter in two.
Wrong business model. The best body armor is a wall street suit and connections.
Good post. I think if I had to choose between going after the big flashy cases like AIG, or the much more common rape of good companies by private equity, I'd rather shut down the latter. I think that current PE practices are a cancer on our nation.
Anyway, this post has my blood pressure up. We really live in sad times. Our leaders either don't understand any of what you've explained here, or just look at each other and scratch their heads. We have no protection any more.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.