Justice Department To Announce Historic Wall Street Crackdown, Expose Over 300 Criminal Defendants

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Mon, 12/06/2010 - 11:14 | 781906 Ragnarok
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Obama trying to set the tone for the next couple of months. Nothing concrete will come of this, more settlements.

Mon, 12/06/2010 - 11:27 | 781960 espirit
espirit's picture

Are the 300 all Waddell & Reed employee's?

Mon, 12/06/2010 - 11:41 | 781996 Slash
Slash's picture

they're sacrificing some small timers/hedge funders to appease the sheeple and make it appear like there is a cop on the beat. I'll believe it when I see lord blankfein and dimon in cuffs next to madoff.

Mon, 12/06/2010 - 11:45 | 782008 LongSoupLine
LongSoupLine's picture

yep, so what's the over/under that none of them are from Fed "Primary Dealers"?

Tue, 12/07/2010 - 11:57 | 785635 Kobe Beef
Kobe Beef's picture

Exactly. Big Fascist fish (Primary Dealers) eat the little ones. The White House gets to put on a little "Justice Theater".

Thanks all Z'edge commenters for spotting this little fake out early.


Mon, 12/06/2010 - 19:52 | 783966 StychoKiller
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"The Colonel has been shot!  ROUND UP THE USUAL SUSPECTS!"

Mon, 12/06/2010 - 12:13 | 782105 caconhma
caconhma's picture

The Urgent.

Martha Stuart ans Sam Waksal alike will be arrested & convicted all over the USA and will be sent to Guantanamo jail.

Just in a preparation for the 2012 election.

Mon, 12/06/2010 - 11:59 | 782057 Sudden Debt
Sudden Debt's picture

and some moron will take all the blame and get a deposit into his account after the sentence of a few million and that's that.


I've already seen that movie.

Mon, 12/06/2010 - 11:15 | 781907 TheGreatPonzi
TheGreatPonzi's picture

Good news, but we should remember that the only reason they got caught is that they've been abandoned by the bigger crooks, just like Madoff.

"In a closed society where everybody's guilty, the only crime is getting caught. In a world of thieves, the only final sin is stupidity."

Hunter S. Thompson

Mon, 12/06/2010 - 11:15 | 781910 Popo
Popo's picture

Number of upper management at TBTF banks?  Zero.


Anyone want to take the over on that?

Mon, 12/06/2010 - 11:16 | 781913 H. Perowne
H. Perowne's picture

Nah. I was born at night, but not last night.

Mon, 12/06/2010 - 12:19 | 782126 weinerdog43
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Me either.  It would mean Inaction Jackson (Eric Holder) would actually have to, you know, prosecute someone.  Can't let that happen.

Mon, 12/06/2010 - 12:32 | 782171 been there done that
been there done that's picture

So tomorrow when we pull out funds, ask for 100$ bills. It seems they are low on them.



Mon, 12/06/2010 - 11:15 | 781911 Res ipsa loquitur
Res ipsa loquitur's picture

Just a bunch of tiny sacrificial lambs. No one big.

Mon, 12/06/2010 - 11:16 | 781912 doggis
doggis's picture

.....and i guarantee everyone, not one person will be implicated from a money center bank..................... crackdown my ass!

Mon, 12/06/2010 - 11:34 | 781982 wiskeyrunner
wiskeyrunner's picture

Yep, just cull the little ones. 

Mon, 12/06/2010 - 11:17 | 781914 Cognitive Dissonance
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 "The law enforcement operation, which began in August,......

Sorry, but the dead-to-the-world Justice Department just noticed there were problems this past August? Bullshit.

They're beginning to notice the natives are getting restless and they needed to appear to be doing something. So they're cracking on the most egregious (and obvious) examples of fraud and corruption gone wild.

Mon, 12/06/2010 - 11:19 | 781927 SheepDog-One
SheepDog-One's picture

Theyve been crackin down since August...OH yea sure....in other words Wikileaks is about to make some Wall St bankster bigwigs, and Big Dummy Obama, very uncomfortable so lets shift some focus to some little wigs.

Mon, 12/06/2010 - 12:25 | 782139 Minion
Minion's picture

Yo, sheepdog, whassup?

You've been wearing yourself out, thrashing against the tide of currency debasement. Go long.

Mon, 12/06/2010 - 11:20 | 781932 Dantzler
Dantzler's picture

*** Ding ding ding! ***


We have a winner

Mon, 12/06/2010 - 11:24 | 781947 Ripped Chunk
Ripped Chunk's picture

Right on.

Mon, 12/06/2010 - 11:34 | 781983 Shameful
Shameful's picture

"So they're cracking on the most egregious (and obvious) examples of fraud and corruption gone wild."

Going to have to disagree.  They will gather heads to show the restless natives, but it will be the heads of the least connected to the great ponzi machine, not the most blatant examples of fraud.  The chances of this hitting the bit well known frauds is nearly 0, it's not GS is in danger.  The people may be asleep but even some of the dull know GS has been involved in screwing them.  Get a few smaller players to show when the people start sniffing around. 

Makes me wonder if they are doing this because they expect a market turn and want a few people to show off as the reason.

Mon, 12/06/2010 - 11:46 | 782014 Cognitive Dissonance
Cognitive Dissonance's picture

We are in basic agreement, but you are seeing this through your informed eyes.

I'm talking about average Joe and Jane here. So I'm talking about egregious and obvious from the uninformed public's point of view. Which doesn't mean JPM or Goldman to name just two.

We will see a parade of "no names" as far as the public is concerned and the public will be told they are the egregious and most corrupt and their crimes were obvious to the Justice Dept. And they will trot out evidence of how obvious it was because Justice will tell us it's obvious. And the public will accept what they are told because the authorities told them.

Mon, 12/06/2010 - 12:16 | 782117 Shameful
Shameful's picture

I nominally agree, but hasn't GS hate gone quasi main stream?  It was in Rolling Stone after all.

The issue with the public being told that these are the bit players of fraud is it will happen again.  It's a good trick to use.  But not sure how many times "the major ring leaders" can round up time after time an the masses accept it.  They are pretty dumbed down and brainwashed but not sure it's to the level of full crime stop yet.

If I was the Gov I wouldn't even claim they are big players.  I would point out investigations are ongoing and this is just preliminary, but that we are doing out best to protect the American people...and do the announcement holding a puppy.

Have to ask why now?  Zimbabwe Ben was kinda pleading with the masses to put their money up to be robbed and I can't imagine this will fill people with confidence.

Mon, 12/06/2010 - 12:26 | 782148 Cognitive Dissonance
Cognitive Dissonance's picture

Have to ask why now?  Zimbabwe Ben was kinda pleading with the masses to put their money up to be robbed and I can't imagine this will fill people with confidence.

Shameful, you're an educated and aware person. So the mind of the asleep or desperate to remain asleep is foreign to you. It's simply incomprehensible, even impossible to understand why so many people want, need and demand that their leaders continue to lie to them.

To those who are not in denial, those in deep denial are impossible to understand. It helps to see them as severely addicted and that they just can't stop seeking more denial. It's an obsession on par with drugs and alcohol and one of the reasons I use the addicted as examples when writing about those who are in denial. While we may think we can understand, there is no way of really knowing without actually experiencing it.

As a male, I may try to understand what it's like to give birth. I can read about it and talk to women who have given birth. I may be extremely empathetic and even convince myself I know what it's like. But unless I actually experience giving birth I'll never know. Until you actually experience the absolutely desperation of denial and the control it has over you, it's impossible to understand.

Mon, 12/06/2010 - 13:26 | 782466 reload
reload's picture

Agree 100%, but people are waking up. We had a neighbour over for dinner last week, I do not know her well, but the conversation turned to investments, the Irish `bail out` et al. I was amazed when she said that a few people she knows are deeply suspicious of the Banks, have sold their houses (after decades of ownership) moved to rented accomodation and parked their money in physical metal! She asked me if I thought they were mad? but by the end of the evening left clutching a list of online bullion dealers. What was most interesting was that people she was talking about were from very different backgrounds, one was a retired lawyer and the other was a working farrier (shoes horses) both residents of rural England.

Mon, 12/06/2010 - 14:10 | 782635 LowProfile
LowProfile's picture

I'm with reload and shameless.

Who the hell even talked about the Federal Reserve three years ago, let alone JPMorg or Goldman Suchs for that matter?

Mon, 12/06/2010 - 15:36 | 782958 XitSam
XitSam's picture

Ron Paul.

Mon, 12/06/2010 - 13:26 | 782471 Ripped Chunk
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That is how it has worked for years and years. The upstarts and those deemed to be making too much $$ at the expense of the old line oligarchs are "offered up" for prosecution.

This has happened over and over and over again.

Mon, 12/06/2010 - 12:34 | 782185 been there done that
been there done that's picture

I went to see the movie "Inside Job" last night. After the movie I was in the lobby and people seemed pretty pissed of. I said "Bank Run on Tuesday! and one of the guys said ya! I'm moving it into my credit union.

Mon, 12/06/2010 - 11:17 | 781915 nobita
nobita's picture


Mon, 12/06/2010 - 11:17 | 781916 Popo
Popo's picture

Final Verdict:  "You naughty boys.  Two slaps on the wrist, and a fine representing 10% of this years bonus.  Now get back to work you silly things."

Mon, 12/06/2010 - 11:17 | 781917 flacon
flacon's picture

Are they going to arrest Blythe Masters? Wouldn't that be a stunner if they did?

Mon, 12/06/2010 - 11:28 | 781965 Bring the Gold
Bring the Gold's picture

No it wouldn't. I actually have called for it. She looks like a bag holding chump to me.

I don't give two poops about Blythe Masters. I want Dimon or better yet Lord Rothschild, David Rockefeller or whoever he takes orders from.

Mon, 12/06/2010 - 11:17 | 781918 Quintus
Quintus's picture

I expect that 'Stock market manipulations' will only be prosecuted if they have a downward bias, and that commodity market manipulation will be excluded completely, or limited only to those schemes not aimed at suppressing commodity prices.

Mon, 12/06/2010 - 11:34 | 781919 Spalding_Smailes
Spalding_Smailes's picture

Got DRYS ? Up 30% in the last month. Up 6% today.... Lots of volume.


Traded over $100 in 2008. Today $6.25


As of April 6, 2010, the Company owned, through its subsidiaries, a fleet of 39 drybulk carriers consisted of seven Capesize, 28 Panamax, two Supramax vessels and two Panamax newbuilding vessels, which have a combined deadweight tons of approximately 3.3 million dead weight tons. Its drybulk fleet principally carries a variety of drybulk commodities, including major bulk items, such as coal, iron ore, and grains, and minor bulk items, such as bauxite, phosphate, fertilizers and steel products.

Debt remained much dominant in its capital structure as the most recent quarter total debt was $ 2.91 billion and total cash included $ 367.14 million.

Mon, 12/06/2010 - 12:49 | 782247 hbjork1
hbjork1's picture


Held Drys for about a year.  Sold a little too soon.

Mon, 12/06/2010 - 11:18 | 781923 T-888
T-888's picture


Oh, sorry. Thought that was a joke for second....

Mon, 12/06/2010 - 11:28 | 781967 Pining for the ...
Pining for the Fjords's picture

It is.  Trust your instincts.

Mon, 12/06/2010 - 11:42 | 782000 Oh regional Indian
Oh regional Indian's picture

Pat. Pithy. Great advice.

A joke, only not funny.

Now that, is a joke.

Justice department, double speak, like defense department.



Mon, 12/06/2010 - 11:49 | 782022 Pining for the ...
Pining for the Fjords's picture

Hey ORI- you post regularly, why not get yourself an avatar?  I often skip over those with the anon. bag-head, but you comment regularly and thoughtfully and shouldn't be skipped.  And you can't do worse than a dead stuffed parrot ;)

Mon, 12/06/2010 - 11:52 | 782031 Bring the Gold
Bring the Gold's picture

It's not dead...it's sleeping!

Mon, 12/06/2010 - 12:04 | 782083 mtomato2
mtomato2's picture

It's PINING...

Mon, 12/06/2010 - 12:04 | 782079 mtomato2
mtomato2's picture

I know!  I really like him/her...

Mon, 12/06/2010 - 12:06 | 782089 Bring the Gold
Bring the Gold's picture

Me too ORI is a great poster. One of the many jaw droppingly brilliant posters on this site. ZH is one of the few places I go where I feel I'm in the bottom 30% IQ wise. Amazing stuff here.

Mon, 12/06/2010 - 17:48 | 783499 mtomato2
mtomato2's picture

I know.


"I'm not really a dummy, but I have to play one on Zero Hedge..."

Mon, 12/06/2010 - 13:12 | 782383 hbjork1
hbjork1's picture


IMO only, (I say only because I have seen only a 75 year slice of history.  All the rest is assumed based upon the writings of other people.)

These are times of change with some people being pulled out of a stone age culture and others being forced into an awareness of a larger world.  

I consistently tout Eric Hoffer's little book "The True Believer", and its extension "Ordeal of Change" as an element of background for thinking about human behavior in the western world during times of change.  Because it relates to Maslow's "Heirachy of Needs", it may be universal as the more primative parts of the world are ;ulled into different lifestyles. 

Hoffer himself is interesting.  You may find him ro be an interesting intellectual associate.

Mon, 12/06/2010 - 11:19 | 781925 nathan1234
nathan1234's picture

A few sacrificial lambs for the Wall Street altar. And then life carries on as normal

Mon, 12/06/2010 - 11:20 | 781929 lizzy36
lizzy36's picture

When someone is convicted, actually serves jail time and writes the government a check for $500m (see michael milken), then i might get interested.

Further, can someone find me a strategist/forecaster/astrology major, from a bulge bracket firm who has forecast a DOWN year for the S&P at any time in the past 10 years? Anyone?

Mon, 12/06/2010 - 11:25 | 781953 Cognitive Dissonance
Cognitive Dissonance's picture

I love rhetorical questions. They usually answer themselves.

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