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Park Avenue Bank CEO Charles Antonucci Admits To Stealing $11 Million From TARP, And To Being Too Small Too Succeed
The saga of Park Avenue Bank's Charles Antonucci is over. The bank president who on March 15 was arrested on charges of engaging in a broad range of illegal conduct that
contributed, in part, to the bank's demise, but most importantly to stealing $11 million from TARP. Well, tonight the FBI has just announced that Antonucci has formally admitted to and pled guilty to securities fraud relating
to his attempt to fraudulently obtain more than $11
million worth of taxpayer rescue funds from the Troubled Asset
Relief Program ("TARP"), bank bribery, embezzlement of bank
funds, and participating in a $37.5 million scheme that left an
Oklahoma insurance company in receivership. Then again, this is what every other CEO in America is guilty of every single day. Which means that only thing Antonucci really pled guilty to was being a stupid enough to keep Park Avenue Bank Too Small To Succeed. As we all know the TBTF curtain is the only alibi all the other criminals in the industry resort to when the congressional theater convenes. Moral of the story: unless you can threaten the world with collapse, you will go to jail. And the penalty for this magnitude of stupidity is death: "Antonucci, 59, faces a maximum sentence of 135 years in
prison on the charges to which he pled guilty. He is scheduled
to be sentenced by the U.S. District Judge Naomi Buchwald on
April 8, 2011." So one down, and only about a million more to go... But not before they all collect the $144 billion in bonuses they have worked so to destroy shareholder value for this entire year (or so we can dream).
And here is tonight's dose of concentrated humor from the FBI release:
Manhattan U.S. Attorney PREET BHARARA said: "Today's
guilty plea, the first ever conviction for fraud against the
TARP, should send a strong message to all those who would attempt
to loot the public fisc or steal from our financial institutions:
This Office and our law enforcement partners will be
watching. Whether you are a bank teller or a bank president, you
are not above the law."
HA HA HA
We read on:
SIGTARP Special Inspector General NEIL M. BAROFSKY
said: "In March, Charles Antonucci become the first defendant
charged with attempting to steal from the taxpayers' investment
in TARP. Today, he becomes the first to be convicted. Today's
plea marks an important chapter and demonstrates that SIGTARP and
its law enforcement partners will ensure that would-be wrongdoers
who seek to profit criminally from this historic program will be
caught, charged, and brought to justice."
And so forth. If Preet Bharara fails in his FBI career (and he will once Jamie makes a few phone calls) he can always do stand up.
Yet the comedy continues:
FDIC-OIG Inspector General JON T. RYMER said: "The
Federal Deposit Insurance Corporation Office of Inspector General
is pleased to join the U.S. Attorney's Office for the Southern
District of New York and our law enforcement colleagues in
announcing this guilty plea. We are particularly concerned when
senior bank officials, who are in positions of trust within their
institutions, are involved in criminal activity. Prosecutions of
individuals and entities involved in criminal misconduct help
maintain the safety and soundness of the Nation's financial
institutions."
At this point if your lived doesn't hurt from laughing too hard, English must be your 18th language.
h/t Kyle
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You think these bankers would learn. If your going to steal for the tax payers you have to file the proper paper work.
ha ha
One of the most reliable signs of a Banana Republic is the capricious and selective application of the law to prosecute only those who are not important, or well connected.
Gotta say, irony at its best.
Speaking of irony - amazing how those Chinese export numbers fell. Take that Timmy! And we all know, the Chinese never, ever, ever lie.
It appears that some bankers are Too Big To Jail.
Stupid Doo Doo Dumb. He'll get 119 months and 359 days and get sent to a camp hahahaha A punk in training
http://www.youtube.com/watch?v=HdSLpHVT4GI
Great link. Thanks for posting. Stupid doo doo dumb!
Well XAU caught a bloody bid, then. Jeez, up $4.20.
This clown is small fry.
The preferred thieves have been chosen and serviced. We will prosecute to the full extent of the law anyone found to be stealing from the stealings.
Excellent. Hank Paulson complained about puking during the hearings. He said he was worried about the economy.
Not. He was worried about joining Babba and Antonucci for a threesome.
Tyler, c'mon!
That Judge's name HAS to be a joke! Buchenwald [close 'nuf], really? :)
ps: Naomi is "I moan" backwards, so she's all kinds of "name fun" apparently.
Don't laugh at names. If Charles Antonucci had changed his name to Goldman or meier he wouldn't see the inside of a court room.
The gonna put him in one of those NICE prisons, ya think?
Wilcox, who played Officer Jon Baker on the beloved '70s sitcom about Los Angeles motorcycle cops, was nailed by the feds Thursday for securities fraud.
Another big fish caught.
Only 11 mill from TARP? Give me a break. That means the real crooks should be getting > 13500 years.
I don't think my modest loansharking business can ever reach TBTF status and ensure my ability to hold the world hostage like Jamie, so instead I got me these plans off some website out of Pyongyang (plus some great hair care tips from the Dear One), built me some of them high speed centrifuge things, and after me and Val picked up some yellowcake in Niger, I'm quickly getting my U235 up to 93% pure. Of course my cat's hair fell out and my goldfish can now fly, but that's just the cost of doing business. I know a Middle East ally that will sell me the same missile technology they sold to the Chinese, so I'll have me a delivery system before Maxine Waters ever makes sense. Gonna get the GPS coordinates of the Hamptons off GoogleEarth. Heck, I think I just heard my doorbell ring. Must be Christopher Hill wanting to negotiate. I'm a reasonable man. I'll settle for $139 billion.
[Note to self]: Contact Chindit 13 to obtain goldfish levitation technology for bourgeoning potential in future UFO greeter franchises. (Only PMs to be accepted as tokens. No FRNs. Exclusive territories!)
I was thinking more along the lines of interior decoration, kind of a New Age holograph or semi-virtual aquarium, but I'm game for your idea. Let's go public!
We can call it ET F'd!
(Edited to reduce enthusiasm)
don't need no delivery system. just get 3 or 4 suicidal middle eastern types to blow themselves up in malls when they're busy. instantly shutting down retail in america. thats worse than a nuclear bomb.
Park Avenue Bank?
With that budget I'd wager Charles was nowhere near establishing a monopoly...
http://www.waymarking.com/gallery/image.aspx?f=1&guid=804e03bd-c7fb-455a...
This is an election-year travesty that one criminal incredibly small in comparison with the multitude of financial thieves should now represent the strong arm of justice, and once Antonucci is safely locked away our financial community is once again pure and trustworthy.
From Frederic Bastiat, the famous French economist, statesman, and author: “It ought to be stated that the purpose of the law is to prevent injustice from reigning. In fact, it is injustice, instead of justice, that has an existence of its own. Justice is achieved only when injustice is absent.”
Surely, the situation with Antonucci represents a massive case of injustice in that major criminality is being papered over with a proposed message that financial crime has been found and routed out and justice has been served.
The posturing of the officials in this arrest is some of the most sickening dialogue every exhibited by civil servants.
Moral of the story? Should have never pushed organized crime to go "legit". We would have all been better off if they were allowed to continue to rake in cash from their street-level operations.
"Wait, small business person, now you wish all you had to do is pay for protection? Fuck you, I'm going global and I'll, through economies of scale, put you out of business."
And the irony of it all? The economic intelligentsia, at the height of the crisis at least, acknowledged that TBTF is a major problem; that you cannot have entities so vital to the system that when looted by pirates they need to be bailed-out or everything goes up in smoke. So what was the solution? Through forced shotgun marriages and vulture capitalism, make them bigger.
I pray, literally, for the day that the “entities so vital to the system that when looted by pirates they need to be bailed-out or everything goes up in smoke,” go up in smoke. That is the day the Leviathan dies; that is the day America regains her freedom.
“The Creature has grown large and powerful since since its conception on Jekyll Island. It now roams across every continent and compels the masses to serve it, feed it, obey it, worship it. If it is not slain, it will become our eternal lord and master.” – G. Edward Griffin, The Creature from Jekyll Island: A Second Look at the Federal Reserve.
America lost her independence and Congress its sovereignty when the Federal Reserve Banks were opened for business on November 16, 1914, the day that banker Paul Warburg declared the Fed banking cabal free from all control and influence:
“This date may be considered as the Fourth of July in the economic history of the United States.”
"Then again, this is what every other CEO in America is guilty of every single day. Which means that only thing Antonucci really pled guilty to was being a stupid enough to keep Park Avenue Bank Too Small To Succeed."
Yep! If only he had the sense to make do with $11B in a TBTF Bank then he would be still the CEO.
IF you are a TSTS Bank then you do not have access to Governments and Fed's Tits (unlike Charlie Munger who can feed to his heart's content and more)and you should suck it up and cope! He did not.
When ya' think yer' safe wanking off in the Internet lounge just because you've got Private Browsing on, you're gonna get arrested.
does anyone on this money crack board care about the miners? this rescue was not a false flag or anything. why are we discussin bankster fucktard b.s. do you know who just got announced the Chair of the Board of Governors of the IMF and Word Bank. His name is Papa. he is going to mediate this madness. And he is a very, very interesting choice.
Life is Good. Look it up.
Great choice with the right experience for the job: Chairman of a Select Committee on Influence Peddling and Political Contributions in a country the size of Cincinnati, Ohio!
No chance of him being swayed by the big boyz........
It's who ya know and who ya blow.
In the Gilded Age it was robber barons. We need some new American heroes who steal.
November layoffs. My guess is another 15 to 20 k at IBM. Maybe 15 more K at Microsoft.
Here's a good EA layoff.
http://ealouse.wordpress.com/
Were Bharara and Barofsky wearing their GOTT MIT UNS comedy beltbuckles?
The FBI has been gutted by Homeland Secuturity for the bogus War on Terror (the omnipresent mission of spying on the American public.)
So it has obviously become necessary to outsource FBI operations to Mexico.
I understand that the Juarez narco cartels have landed the contracts, which have been denomenated in pesos and sweetened with exclusive import rights for heroin, cocaine and methamphetamine in order to justify the the continued Drug War and increased budgets for ICE in the effort to stem the flood of "wetbacks". Needless to say, the money the Mexican narcos are taking in from their FBI contracts are being used to push more drugs and illegal immigrants across the border to up the ante on this ridiculous circle jerk.
The remaining shells of FBI offices in the US have been told they must fill a quota of one token prosecution of a low level bankster each or they will be outsourced to call centers in India. And they will get the job done.
The FBI motto is “Fidelity, Bravery, and Integrity” (sic).
Ha, Ha, Ha, you used the word "moral". Ha, Ha. Have you seen the old phrase "moral hazard" used lately. Ha, Ha. No more morals in this too dead to fail nation.