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Judge Rakoff Pours Cold Water On BofA-SEC's Little Complicit Scheme,
The SEC and Ken Lewis were hoping for a fast, mutual wrist/backslapping deal (whose $33 million bill would likely be funded by taxpayers). Not so fast. Judge Jed Rakoff from the Southern District has set a hearing for Monday to discuss the charges that BofA betrayed its investors and for which its punishment would be 33 million pieces of silver.
In the filed order, Rakoff said:
"Despite the public importance of this case, the proposed Consent Judgment would leave uncertain the truth of the very serious allegations made in the Complaint. Further, the proposed Consent Judgment in no way specifies the basis for the $33 million figure or whether any of this money is derived directly or indirectly from the $20 billion in public funds previously advanced to Bank of America as part of its 'bail out.'"
Could it be that there is someone in the judicial system who is not as corrupt as the crony "regulators" over at 100 Street F, NE, Washington DC 20549? To find out, we suggest readers who are boosting the government's continuing claims number to check out the public hearing:
Monday, August 10, 2009 at 4 PM in Courtroom 14-B at 500 Pearl Street, New York, New York
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Junker Financials skying again today:
gotta love the financial sector...i am a wee bit disappointed that fitb, sti, and rf have been orphaned on this bottlerocket....
KBW downgraded the orphans this am
Turnaround at the open. Futures traders don't have support of the underlying market. We are likely close to an exhaustion point of some type. Whether it is temporary or not....too early to tell.
To the post, I consider the SEC, Fed, Wall Street group jerk off in some attempts to hide reality from the American people to be in the same spirit as the massive fraud and corruption tied to our foreign policy of torture, manipulation and threats. It's the same fucking criminal fruad. Funny thing about fraud. No one generally sees it until it has already been perpetrated. Then it has the impact of hurting everyone. And in the process destroying all confidence. It's no coincidence Hillary Clinton just threatened British officials about reeleasing torture documents. It's all part of the same corrupt apparatus. It's all going to backfire.
Well, Hillary has a vested interest, given that Bill is the guy who instituted extraordinary rendition. What a visionary that dickwad was.
Well, don't get me going. Clinton did more to fuck up our economy than the constantly useless fuckup George Bush.
Junker is the word. Right on the money Robby
It could be that we'll find a relatively uncorrupted Judge with balls . . . we'll see.
Thanks for the news, TD!
He'll get some phone calls today.
From Rahm's boys, perhaps?
Our society has become a travesty. Even in Columbia and Pakistan Judges had the balls to stand up en mass against corruption . . . even under threat of prison and death. And then actually paid that price.
We've become the moral asshole of the world.
You should never act in anger against the hand that feeds you. "Obama" I paraphrase of course
This is some of the best news that I have seen in some time. Some may call me naive, but I still think the Judiciary is the best of the 3 branches and I still have quite a bit of faith in the US District Courts.
If nothing else, Judge Rakoff's refusal to bend over and sign off blindfolded is refreshing. I really do hope that this one drags out and grows some legs.
Thanks for bringing this one out TD....it is matters like these that separate ZH from the others in my view.
Agreed. That's why I keep coming back to this site.
The judiciary is our only hope... I honestly feel they'll come to the right decisions... the only problem is when and at what cost. We've got to get the issues in front of them first... and I'm confident they'll do their part.
An appointment for life really weeds out the trash bribe offers.
Right - because they were so independent and judicious in approving the Chrysler and GM sales.
True, but I think their track record is better than the other two branches... and the make-up of the SCOTUS is as good as we're likely to get (with Obama replacing them) as far as strict constructionalist representation... The recent cases pertaining to the dormant commerce clause (united haulers, et al) are pretty interesting.
In short, the judiciary is the only hope we have and there is a higher percentage of competent persons who have like-minded views who are not bashful about representing them than the other two branches. I realize that's not saying much, but I honestly believe they'll come to the right decision about a lot of this... too bad it will be a day late and a dollar (or wheelbarrow of dollars) short... but here's to hoping. Cheers.
Completely agree with deadhead. Great reporting Tyler. This is the first encouraging news I've heard in a long time.
>>Some may call me naive, but I still think the Judiciary is the best of the 3 branches and I still have quite a bit of faith in the US District Courts.<<
It is the best option "we" have. Really good constitutional lawyers are needed, converts to the contrarian camp and pretty well self-funded. Within the constitution of the US, the judiciary is still one viable tool for bringing this wretched Washington-Wall Street-Fed corruption to its knees. Maybe this is naive too but worth the effort.
I'm a (reasonably good) appellate lawyer, and I've been thinking exaqctly along these lines. I'm interested in doing something about this, and I'm willing to donate my time free of charge (even though I'm nowhere close to rich).
I've tried to find law firms or interest groups that specialize in economic constitutional litigation, taxpayer lawsuits, public interest anti-fraud litigation, etc., but I'm having trouble finding anyone. Does anyone here have any suggestions? Thanks.
27238..hopefully Marla will have some thoughts.
Phew, I'm glad I am not alone in my feelings towards our Judiciary. I have met judges over the years and a number of them can get real pissy real quick when the Executive dep't. tries to smoke them. My old boss is a judge and nothing pisses him off more than at arraignment when the DA tries to hammer a tough bail for the sake of being "tough" for the newspaper's next edition (vs flight risk, nature of crime, etc).
Haha. I actually am an ADA, and the opinion I expressed above is based on similar experiences ;-). But I work at the State level and not the Federal level, so it's a different system. But having been through law school, and having read hundreds of judicial opinions, I don't think that the federal judiciary has completely abandoned the rule of law and the Constitution. At least, I never saw anything that gave me that impression.
From my experiences as an ADA at the state level, I can tell you that our main problems here (in terms of the Constitution, rule of law, etc.) involve the 4th amendment and drug laws. Searches and seizures in drug cases tend to stretch the boundaries of the 4th amendment as far as they will go, and I think my office should concede a lot more 4th amendment motions than it does.
But that being said, even we don't prosecute cases with blatant 4th amendment or other constitutional violations, and there is certainly no push here to overthrow the rule of law, establish fascism in America, protect politically favored criminals, or surreptitiously subjogate the constitutional rights of our defendants. I mean, that kind of behavior wouldn't be anywhere CLOSE to acceptable here!
I'll do anything I can to help put an end to it.
Pacific Legal Foundation, maybe?
ZH should start a legal fund/foundation for the purpose of challenging the administration and its cronies. In addition to potential constitutional challenges, I have to think buried somewhere in this mess is false claims act liability (e.g., "claims" made when banks posted collateral with the Fed to secure funds on a non-recourse basis) or RICO liability.
27583:
We can't rely on ZH to do everything:) I'm sure there is someone out there who is already doing something like this or is planning to. I'll keep looking until I find something!
Could we get him to review the GE settlement too?
That could be the best question of the day!
And the Greenberg suit?
though I haven't followed that one closely, $15MM seems like chump change in this case.
We need to start utilizing the incarceration penalties on people: seems like some have forgotten that the madoffs, skillings, etc are sitting in jail.
though I haven't followed that one closely, $15MM seems like chump change in this case.
We need to start utilizing the incarceration penalties on people: seems like some have forgotten that the madoffs, skillings, etc are sitting in jail.
http://finance.yahoo.com/news/Labaton-Sucharow-LLP-Files-pz-3481984511.html?x=0&.v=1
Could be he just lost more than he believes was his fair share. Judges were once practicing lawyers. Someone has been waiting to put another someone's private parts in the vice. Corrupt is a word by which we measure our pain. More and less are just endings of the scale.
And what many of you don't realize is that Rakoff is a good judge FOR DEFENDANTS in securities fraud cases. I'm really curious what he's up to on this one.
Timmy!
interesting to know and thank you....have you appeared in southern district or are close to the machinations of the people there?
sounds like good news, but didn't the "third branch"
roll over and violate priority of claims wrt auto
bankruptcies?
Bernanke, Paulson and Lewis should all be in prison.
agreed...i would add, a prison in Honduras, Guatemela, Brazil, or Mexico.
Hanging from a lamp post would be better.
What is this 'bank of america'?? I am only interested in stories featuring goldman sachs. More of those please.
They are heads of the same multi-headed bankster hydra.
you are such a fanboy
I do my best.
So, AIG's Greenberg steals 10 billion. Then uses the stolen monies to start a new insurance company with his sons to commit further financial crimes against the american sheeple. He is fined today 15 million by the SEC. So, big deal. He and his entire Greenberg family should be in the gas chamber right now. These are vile verminous thievin' folk who need to be taught once again how to behave in a civilized society. some people dont learn from history.
Well, that was certainly a lesson in civility. Not to mention history . . . sounds like you were there. Are you folks making a come back now? Is this the great dawn of The Fourth Reich?
Your courageous idealism is underwhelming.
Nice! Gassing them might seem more civilized than painting a wall the brightest white you can find, lining them up, load, aim, fire.
Drama is best in such situations.
Great, influx of the jooish conspiracy whackjobs has begun.
And no, I don't care to debate your theories, you are a nut, and I'm not a sheeple.
Hank Greenberg, Ex-AIG Chief, Said to Face SEC Suit
Greenberg, 84, will pay $15 million to settle the suit by the Securities and Exchange Commission
http://www.bloomberg.com/apps/news?pid=20601087&sid=albugLMpjydc
Here is another bastard that should be in prison getting of with a little slap on the knuckle.
I'm sure Judge Rakoff will be "convinced" that his thinking is faulty.
The stalinistmarxist Manhattanites keep stealing our monies. well, they belive they are entitled to it. I am convinced these new york verminous banksters cant wait to send us to the gulags, put us in tcattle cars, and close the Churches. Christians need not apply to the Obama adminsitration. Why does emmanuel, axelrod, and schumer hate us so much?
Cuz you're a semi-literate, anti-semitic lunatic and asshole, maybe?
27219...thieves as well as good people come in all shapes, sizes, colors, religions, etc. bringing in the obvious anti-semite overtone is foolish, illogical.
I hope you will re-examine your thought process in this regard. You will find greater happiness if you do. Good luck to you
Ban this crap, Marla, please?
Nobody hates you, Buddy, it's all in your mind.
Marla, yes, i beg of you, PLEASE make creating an account obligatory for posting a comment ... this shit is going WAAAAAAAAAY to far ...
Those who make peaceful revolution impossible will make violent revolution inevitable. John F. Kennedy
Thanks Judge Jed. We need some more people in positions that are supposed to make a difference to stand up and smack down these crooks.
One judge who probably isn't looking for a promotion.
Don't get too excited about Rakoff. He is the judge
presiding over the SEC vs Worldcom matter which is STILL
not completely resolved yet.
Is the judge a "latino" with a bigger brain than Tyler?
anti- goyism is alive and well in the Obama adminsitration (summers, axelrod, emmanuel,volker, geitner, orszag, cass summstein, bair, berhnhake, summers, barofsky, feldman, rattner, shapiro. Not one goy in the administration. Why do they hate christians so? Why must they steal 27 trillion $'s (in orszags own admission). Yet not one word from bloomberg, sam zell, summner redstone lipshitz, mort zuckerman, michael eisner.