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Phil Angelides Discusses America's Dual Justice System: One For Wall Street And One For Everyone Else

Tyler Durden's picture





 

Lisa Murphy of Bloomberg interviewed the chairman of the now defunct FCIC, Phil Angelides to discuss the findings presented yesterday by Carl Levin. The topic was the "greased pig" that is Wall Street. The conclusion is that America now has a dual justice system: "One for ordinary people and then one for people with money and enormous wealth and power." As for crime deterrents, considering that to this day not one person has gone to prison, even an idiot can foresee what Angelides has to say on this issue: "To the extent laws were broken, we need deterrents. If someone robs a
7-11, they took $500 and they were able to settle the next day for $50
and no admission of wrongdoing, they'd knock over that 7-11 again.
And
we've seen time after time where people and firms have made tens, one
hundreds, billions of dollars. They've settled charges for pennies on
the dollar. At Citigroup for example they represented that they had $13
billion of subprime mortgage exposure when they really had $55 billion.
The penalty to the chief financial officer who made $19 million that
year, 2007, was $100,000. Goldman was fined $500 million but the date
they settled their stock moved up $2 billion. There's been no real
consequence." Too bad there is no acknowledgment that it is people like Angelides who through their corrupt behavior over the years allowed Wall Street to singlehandedly usurp the democratic process and replace it with that of a fascist corporatocracy. But that's irrelevant: at some point, sooner or later, the American peasantry will snap. Maybe not tomorrow, maybe not the day after the Apple borg hypnosis ends, and the fascination with American Idol expires, but at some point thereafter, absolutely. And the primary reason will be the glaring trampling of the tenets contained in both the Declaration of Independence and Constitution, by the kleptocratic "superclass." Then what happens when the billions of ones and zeros held in some bank vault and imparting some ephemeral monetary greatness to these people, finally is exposed for the sham it is, and they have nothing to protect them from the hordes of hungry, angry and very well armed? We can only hope they will be able to bribe their way to the top in that world order as well as they can in the current one. Somehow we doubt it.

Highlights from the Angelides interview:

I think there's a great concern in this country on two fronts. One is there's a question here, do we have a dual justice system? One for ordinary people and then one for people with money and enormous wealth and power. Secondly, we need deterrents. To the extent laws were broken, we need deterrents. If someone robs a 7-11, they took $500 and they were able to settle the next day for $50 and no admission of wrongdoing, they'd knock over that 7-11 again. And we've seen time after time where people and firms have made tens, one hundreds, billions of dollars. They've settled charges for pennies on the dollar. At Citigroup for example they represented that they had $13 billion of subprime mortgage exposure when they really had $55 billion. The penalty to the chief financial officer who made $19 million that year, 2007, was $100,000. Goldman was fined $500 million but the date they settled their stock moved up $2 billion. There's been no real consequence.
    
Well I think there's two things here. Number one is it's up to the prosecutors to do thorough investigations. That's what we should expect. We don't want hangmen justice. We don't want vengeance, but we want thorough investigations. And if people crossed a line they ought to be prosecuted. But there were a lot of people who bellied up to the line and conducted themselves in a way without the highest standards of ethics or moral conduct that hurt the economy badly.

And I think one of the things that's most troubling to people is there seems to be very little relationship between who drove this crisis, the big financial institutions, the CEOs, regulators who didn't do their job, and the people who are paying the price, which are millions of people who have lost their jobs, lost their homes, lost their life savings.
    
But what we're seeing is from the House of Representatives, the new Republican-controlled House of Representatives, efforts to cut the budget of the Securities and Exchange Commission, cut the budget of the Commodities Future Trading Commission, a real push back on reform in the wake of this devastation. And I think that is very dangerous.
    
You also need to attract talent. Look, Wall Street is nimble, it's quick, it's smart. It's a little bit like a greased pig.  They move fast, they're hard to catch. We need to do a better job of recruiting people of talent into the public sector, paying them, making sure we have regulators who can frankly match up with Wall Street.
 
h/t MM

 


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Thu, 04/14/2011 - 22:01 | Link to Comment zerozulu
zerozulu's picture

Can we say,"this has become a country of no morals."

Fri, 04/15/2011 - 02:46 | Link to Comment the mad hatter
the mad hatter's picture

It's all about controlling the money supply.

Bankers have an unchecked power. They are above the law because they buy the people that make the laws.

"Financial institutions are more powerful than standing armies..."

Fri, 04/15/2011 - 04:25 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

FASB = Fuck America, Serve Bankers

 

Fri, 04/15/2011 - 09:56 | Link to Comment Thomas
Thomas's picture

Angelides is wrong: I want hangman justice.

Thu, 04/14/2011 - 22:00 | Link to Comment AldousHuxley
AldousHuxley's picture

Wall St. was supposed to steal from rich dumbos in foreign countries. They got so greedy that that wasn't enough. They needed to eat their own kind.

Thu, 04/14/2011 - 22:30 | Link to Comment rocker
rocker's picture

When they put at least two of these guys in Jail, Lloyd Blankfein, Hank Paulson or Neel Kashkari, I'll buy my first financial stock.

Until then, Fuck all the Banksters. 

Thu, 04/14/2011 - 23:32 | Link to Comment DeadFred
DeadFred's picture

Lowes and Home Depot don't sell the good kind of pitchforks.  Have to look in a good farm supply store.

Fri, 04/15/2011 - 00:26 | Link to Comment Bananamerican
Bananamerican's picture

"We need to do a better job of recruiting people of "talent" (hmm, there's that word again..) into the public sector, paying them, making sure we have regulators who can frankly "match up" with Wall Street."

SUCCESS!!!

in fascist oligarchy, target investigates YOU

 

 

Fri, 04/15/2011 - 01:42 | Link to Comment AldousHuxley
AldousHuxley's picture

That is the new American Dream....become a Wall St. regulator with the government, get lifetime pension and healthcare, then retire to a Wall St. consulting/lobbyst gig.

Fri, 04/15/2011 - 07:30 | Link to Comment lynnybee
lynnybee's picture

correct on the cheap pitchfork comment from LOWES or HOME DEPOT.    I have a really good pitchfork from 1910 ..... my dear departed grandma jo's pitchfork, the good sturdy kind that has hand-forged iron tongs, nice & rusty for inflicting major damage.    

never forget what my grandma jo said (born in 1915, god rest her soul) :    Do not trust the government & never go into the stock market .

 

 

Fri, 04/15/2011 - 01:08 | Link to Comment laughing_swordfish
laughing_swordfish's picture

Put them in Jail...AFTER we guillotine Bernanke, Geithner and Summers.

Fri, 04/15/2011 - 06:11 | Link to Comment Moe Howard
Moe Howard's picture

I don't think we are 'their own kind'.

Eating us, for them, is not cannibalism.

Thu, 04/14/2011 - 22:05 | Link to Comment Mae Kadoodie
Mae Kadoodie's picture

George Taylor: Oh my God. I'm back. I'm home. All the time, it was... We finally really did it.
[screaming]
George Taylor: You Maniacs! You blew it up! Ah, damn you! God damn you all to hell!

Thu, 04/14/2011 - 22:06 | Link to Comment penisouraus erecti
penisouraus erecti's picture

Does anyone else find themselves increasingly muttering 'WTF' to themselves these days?

Thu, 04/14/2011 - 22:09 | Link to Comment cswjr
cswjr's picture

More and more every f'ing day.  WTF seems to follow the power law.  Not just that, but highly skewed WTF-ness, sort of like the VIX.  Someday it'll probably stop, but the problem with self-organized-criticality is that shifts are inherently unpredictable.

Thu, 04/14/2011 - 22:18 | Link to Comment Amish Hacker
Amish Hacker's picture

Oh, that WTF. I thought you meant Win the Future.

Thu, 04/14/2011 - 22:20 | Link to Comment Selah
Selah's picture

 

Win The Future!

 

Thu, 04/14/2011 - 22:49 | Link to Comment smithcreek
smithcreek's picture

Bi-Winning The Future!

Thu, 04/14/2011 - 22:56 | Link to Comment Cleanclog
Cleanclog's picture

+ 1000.  Wonder if they thought about that when they came up with this version of Win the Future.  I was distracted by the Charlie Sheenness of "Winning", but WTF is even more awesome.  What a terrible tag line.  Change you can believe in and Hope and especially the Audacity of  were so much better. Not looking good for 2012.  Wonder if the Dems will change horses?

Thu, 04/14/2011 - 22:59 | Link to Comment Hansel
Hansel's picture

Watch my new cartoon!

Hoax and Chains

Thu, 04/14/2011 - 22:05 | Link to Comment plata pura
plata pura's picture

End corporate personhood.

Thu, 04/14/2011 - 23:10 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Perhaps if most people became persons, instead of sheep, corporate personhood could not exist. If there is to be change, it has to be at the individual level. Any mass over-throw, revolution etc., just concentrates power in the hands of a new group of power-hungry/mad people.

Watching TV, drinking copious amounts of alcohol, eating copious amounts of cheap meat and going to work everyday destroys real person-hood.

But it's difficult to reverse habitual courses. All talk till we take individual action.

ORI

http://aadivaahan.wordpress.com/2011/04/11/wisdom-for-warriors-8/

Fri, 04/15/2011 - 08:10 | Link to Comment gordengeko
gordengeko's picture

It's an installed ideology that is rotten at it's core.  And it's taken over most of humankind.  It wasn't always that way, we have been subverted and can only win this battle (which is really the battle for the rights to own your soul) by awakening within and installing a new ideology that benefits mankind instead of destroying it allowing the criminals to roam free and rule.

Thu, 04/14/2011 - 22:10 | Link to Comment Corn1945
Corn1945's picture

By the time these "well armed" people wake the fuck up it will be too late to do anything.

Thu, 04/14/2011 - 22:09 | Link to Comment 6_7_42
6_7_42's picture

"We don't want hang man justice."

Bullshit, I wan't Wall St lynching!

Thu, 04/14/2011 - 22:30 | Link to Comment rocker
rocker's picture

+10

Thu, 04/14/2011 - 23:29 | Link to Comment obelisks
obelisks's picture

I will pay your fine !!!

Fri, 04/15/2011 - 03:33 | Link to Comment chindit13
chindit13's picture

Remind me again why we don't want hang man's justice...it seems to have slip-(knot)-ed my mind.

Fri, 04/15/2011 - 09:42 | Link to Comment monoloco
monoloco's picture

Firing squad justice, line them up, charge their families for the bullets!

Thu, 04/14/2011 - 22:12 | Link to Comment jeffgroove102
jeffgroove102's picture

Make politicians wear flame retardant suits like the nascar guys that discloses their corporate handlers.

Thu, 04/14/2011 - 22:49 | Link to Comment Two Face
Two Face's picture

I don't think that there would be enough surface area on those jump suits in order to allow for full disclosure ... even if you were to use 6 point font.

Thu, 04/14/2011 - 22:14 | Link to Comment AldousHuxley
AldousHuxley's picture

Someone asked "Why Isn't Wall St. in jail?"

We should ask "Why are they still alive?"

How many real guillotines do we have in NYC and DC anyway?

Thu, 04/14/2011 - 22:33 | Link to Comment rocker
rocker's picture

+100

Fri, 04/15/2011 - 01:08 | Link to Comment laughing_swordfish
laughing_swordfish's picture

+ 100

Bring on the 18th of Brumaire...Guillotines and Tricoteuses...

Fri, 04/15/2011 - 08:00 | Link to Comment falak pema
falak pema's picture

18th Brumaire is post guillotine...never mind...good try! Germinal l'an 2 would be closer...

Thu, 04/14/2011 - 22:14 | Link to Comment Demogorgon
Demogorgon's picture

America is dead. Long live Amerika.

Thu, 04/14/2011 - 22:15 | Link to Comment gordengeko
gordengeko's picture

I asked for meat and meat there is, awesome.  This is a full scale battle and we need help from media that ain't corporate owned.  We need to subvert them from within, their ties run deep.  Can't win this with chaos and protests.  You have to wonder now if people like Phil who graduated at Hardvard (Red Shield funded Ideals) suddenly had a moment of epiphany or are part of the plan of slowly releasing bits of info to stir up the pot and try to instill chaos and upheaval to then usher in NWO and police controlling nannies.  Personally I'm not buying it, they want us to revolt and go crazy.  Have to be smarter than that.

Thu, 04/14/2011 - 23:11 | Link to Comment gordengeko
gordengeko's picture

Not to keep pounding this "ideal" but red shield-british empire-eugenics-keynesian economics-ivy league-business-politcs-banking=own and run everything. Kennedy bros were our last attempt at subversion from within, guess how they ended up? At least we were close

Thu, 04/14/2011 - 23:31 | Link to Comment tip e. canoe
tip e. canoe's picture

been thinking the same since the beginning:  "revolution" (as we have come to know & love it) is a mousetrap with a big juicy slice of golden cheese on the trigger.

ask the youth in Egypt how that revolution is going.  oh wait, the savior Ghonim is having a meeting with the IMF.   oh wait, they're detaining the evil Moobaraks for 10 days in their seaside resort.

same as it ever was...on to the next one...time to take WTF to an entirely different level.

Fri, 04/15/2011 - 06:16 | Link to Comment Moe Howard
Moe Howard's picture

Yes, he is one of them. He is one of those who were paid to 'look the other way'. Now he is crying that the funding for those who 'look the other way' and allow this banksterism to continue, [in fact are part of it] may be cut. Since they did not put a single bankster in jail, why do we have them?

I think he is what is called a Judas Goat, leading the gullible out in the open to be monitored or worse.

Fri, 04/15/2011 - 06:57 | Link to Comment gordengeko
gordengeko's picture

That's absolutely right, this is a giant chess game.  Which is why you see a reoccuring theme in murals and such with chessboard tiles.  They own the board and control the pieces, each move on their part is a strategic one.  Need to be smarter and out think them...But don't forget someone created the game which includes the pieces.

Thu, 04/14/2011 - 22:21 | Link to Comment Big Corked Boots
Big Corked Boots's picture

If you steal $100, and get penalized $10, you don't have justice. You have a partner.

Thu, 04/14/2011 - 22:42 | Link to Comment AldousHuxley
AldousHuxley's picture

When you steal $100, it is more like $160 pre tax income. Plus you qualify for welfare bennies as if you had no money.

 

Fri, 04/15/2011 - 01:26 | Link to Comment Ransom
Ransom's picture

+11

Thu, 04/14/2011 - 22:29 | Link to Comment Rick64
Rick64's picture

 Funny I just read this today about Angelides. They are really going all out on the illusion of cracking down on Wallstreet to get Obama re-elected campaign. 

  In a January 2010 memo, Brad Bondi and Martin Biegelman, two assistant directors of the commission, outlined their recommendations for investigative targets and hearings, according to Tom Krebs, another assistant director of the commission. Countrywide and Mr. Mozilo were specifically named; the memo noted that subprime mortgage executives like Mr. Mozilo received hundreds of millions of dollars in compensation even though their companies collapsed.

However, the two soon received a startling message: Countrywide was off limits. In a staff meeting, deputies to Phil Angelides, the commission’s chairman, said he had told them Countrywide should not be a target or featured at any hearing, said Mr. Krebs, who said he was briefed on that meeting by Mr. Bondi and Mr. Biegelman shortly after it occurred. His account has been confirmed by two other people with direct knowledge of the situation.

Mr. Angelides denied that he had said Countrywide or Mr. Mozilo were off limits. Chris Seefer, the F.C.I.C. official responsible for the Countrywide investigation, also said Countrywide had not been given a pass. Mr. Angelides said a full investigation was done on the company, including 40 interviews, and that a hearing was planned for the fall of 2010 to feature Mr. Mozilo. It was canceled because Republican members of the commission did not want any more hearings, he said.

Thu, 04/14/2011 - 23:42 | Link to Comment tip e. canoe
tip e. canoe's picture

"They are really going all out on the illusion of cracking down on Wallstreet to get Obama re-elected campaign."

it's so obvious it's not even funny.  tell Uncle O that the only way i'd vote for him is if I can pass Princess Dimon naked in a steel cage getting his butt massaged by a Chelsea boy on the way to the voting booth.

that or he does his black Godfather routine to legalize hemp before the election.  otherwise, color me Bartleby.

Fri, 04/15/2011 - 01:18 | Link to Comment fajensen
fajensen's picture

Obummah does not need your vote, he's got Diebolds!

Fri, 04/15/2011 - 00:19 | Link to Comment RockyRacoon
RockyRacoon's picture

You got junked because you used the word "Republican" without a glowing comment and bowing before the political altar.   That's a no-no around here.   Let's see how many of the lemmings junk me for stating that truism.

Thu, 04/14/2011 - 22:24 | Link to Comment King_of_simpletons
King_of_simpletons's picture

No surprises here. Has been for ages. May be 2012 age of aquarius vibes is bringing more sense into people.

Thu, 04/14/2011 - 22:27 | Link to Comment chindit13
chindit13's picture

CNN CNN CNN CNN CNN

Got your attention, Tyler?

On Anderson Cooper, the guests were Mike Taibbi and Eliot Spitzer, the topic Wall Street fraud in general and Goldman Sachs in particular.  Both guests make some astonishly beautiful quotes.

Maybe it's wishful thinking, but I just looked out the window and saw Four Horsemen saddling up their mounts.

Thu, 04/14/2011 - 22:32 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Oh come now....fraud? truth?  These terms are all so relative and fungible to those of us in the elite. Tyler you're being so quaint tonight! 

Fri, 04/15/2011 - 00:25 | Link to Comment RockyRacoon
RockyRacoon's picture

Therein lies the problem.  Thanks for boiling it down to its essence.

Thu, 04/14/2011 - 22:33 | Link to Comment samsara
samsara's picture

If someone robs a 7-11, they took $500 and they were able to settle the next day for $50 and no admission of wrongdoing, they'd knock over that 7-11 again.

Probably the best quote I have seen defining the problem in one sentence that anyone can understand.

 

Fri, 04/15/2011 - 00:27 | Link to Comment RockyRacoon
RockyRacoon's picture

And next time he'll grab a pack of smokes on the way out.

The next time a six-pack.

The next (and last) time a citizen will be waiting at the exit with justice.

Fri, 04/15/2011 - 01:38 | Link to Comment fajensen
fajensen's picture

Nah - The "Citizen" will join the system by robbing the first guy, then the very next day he will be the one knocking over the store.

The American system hangs together because of "The American Dream", the fantasy that: One Day, Through Hard Work and Long Hours, The Screwed shall rise and become the Screwee!

The truth is that The American People (tm) doesn't really want to see Wall Street prosecuted and jailed - They just want their JOBS and if Wall Street goes to jail it deprives the plebs of hope and opportunity.

When people really want something, they fight for it, causing millions in property damage and disruption to bissnez because loss of profits and freedom to move about safely is what gets the attention of people in power. Change happens. Voting and blabbing aka Freedom of Speech gets you nothing - it is a safety went working exactly as designed.

IMO, the only possible way to take on the oligarchs and their congress in the USA will be from the inside, through the rise of someone like Vladimir Putin. Hard to imagine, though.

Fri, 04/15/2011 - 06:33 | Link to Comment johnQpublic
johnQpublic's picture

well, if fukushima keeps spewing enuf shit, the problem may solve itself

Fri, 04/15/2011 - 05:58 | Link to Comment Miss Expectations
Miss Expectations's picture

"If someone robs a 7-11, they took $500 and they were able to settle the next day for $50 and no admission of wrongdoing, they'd knock over that 7-11 again."

I always appreciate the insight we receive from the lookouts and the drivers of the get-away vehicles.

 

Thu, 04/14/2011 - 22:31 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

no economic recovery until justice is served..

as in National Treasure..the FBI man says.".Somebody has to go to jail."

corrupt gov pols, banksters, regulators (mr c cox for one) must go to jail, if they escape this justice ,America will fall..like a hollow tree falls from it's core.

Thu, 04/14/2011 - 22:32 | Link to Comment francis_sawyer
francis_sawyer's picture

Outlaw America's banks... & Only OUTLAWS will own banks...

Oh wait... I suppose we've already reached that point...

 

 

Thu, 04/14/2011 - 22:38 | Link to Comment PulauHantu29
PulauHantu29's picture

"Why steal less, when you can steal more."

Wall Street Mantra

Thu, 04/14/2011 - 22:42 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Voice over: If you're currently in jail, here's an opportunity for you: enroll in my online university and I'll teach you how to to commit fraud... the Wall Street way! You already got the guts, you already got the talent. All you really need is my complete program on how to do it with style using paper instead of guns. Learn all the latest scams and techniques! Wear a suite and steal a million instead of wearing jeans and stealing ten bucks. Your road to riches is putting patsies on the road to riches :-) ha ha ha 

Fri, 04/15/2011 - 00:42 | Link to Comment azusgm
azusgm's picture

Velvet Jones, is that you? Didn't you write the textbook "How to Be a Ho" that is used at the Velvet Jones School of Technology?

Fri, 04/15/2011 - 05:49 | Link to Comment OldPhart
OldPhart's picture

My Institute of Technology had a pretty cool cheer.

"Give Me an 'S'!"

<CROWD>

"S!!"

"Give Me an 'H'!"

<CROWD>

"H!!"

"Give Me an 'I'!"

<CROWD>

"I!!"

"Give Me a 'T'!"

<CROWD>

"T!!"

"What's That Spell?!"

<CROWD>

"Sam Houston Institute of Technology!!!!"

(sorry couldn't resist)

Fri, 04/15/2011 - 09:00 | Link to Comment azusgm
azusgm's picture

Sam Houston Institute of Teaching, Huntsville, Texas. My cousin taught me that one when she was a student there.

Thu, 04/14/2011 - 22:42 | Link to Comment Assetman
Assetman's picture

Angelides is a slimy idiot.

The regulators didn't do their jobs going into this crisis and haven't done anything meaningful to this day. 

So we need to hire more talented regulators and pay them more money????

I don't think that's the answer.

What you need are courageous uncorrupted leaders at these agencies who have the balls to conduct thorough investigations and actually prosecute to the fullest extent of the law.

The problem isn't the justice system.  The problem is a biased preference in this Administration to settle things out of court and accept wrist slapping fines with no admission o wrongdoing.

A bigger budget for these moral cowards will fix absolutely nothing.

Fri, 04/15/2011 - 00:29 | Link to Comment RockyRacoon
RockyRacoon's picture

The Pecora Commission started in 1932.  There is still time for justice to prevail.

Fri, 04/15/2011 - 07:16 | Link to Comment Mesquite
Mesquite's picture

The Pecora Commission started in 1932.  There is still time for justice to prevail.

Interesting reading, RR..Thank you..

 

Fri, 04/15/2011 - 00:30 | Link to Comment Bananamerican
Bananamerican's picture

"The problem is a biased preference in this Administration to settle things out of court and accept wrist slapping fines with no admission o wrongdoing."

uh, that's not a "biased preference" dude....

That's a FIX

Fri, 04/15/2011 - 01:41 | Link to Comment laughing_swordfish
laughing_swordfish's picture

The problem is deeper than that.

We have to remember that the people at the top levels of the Justice Department and the only other "justice" agency that might do something - The NY State Attorney General's Office - are POLITICAL appointees.

That's right - the "Justice" officials who must decide whether or not to prosecute criminally or seek truly punitive civil judgments are APPOINTED BY and BEHOLDEN TO the very same politicians so thoroughly corrupted by Wall Street campaign contributions.

I watched the Anderson Cooper interview with Taibbi and Eliot Spitzer where Spitzer recalled that when prosecuting Merrill Lynch he was bluntly reminded by Merrill's lawyer that "We have powerful friends"  and "your political future might be at risk"...

And in Spitzer's case, we know how that turned out.

It's past time for "Justice" ...we need to introduce Wall Street to "Vengeance"..

Fri, 04/15/2011 - 08:59 | Link to Comment Urban Redneck
Urban Redneck's picture

Angelides is a whore whose sales pitch is "My shit doesn't stink, guillotine the other bitches!"

Thu, 04/14/2011 - 22:43 | Link to Comment rlouis
rlouis's picture

Phil is a sharp guy, I enjoyed the little segements of his hearings that I was able to catch,  what a disappointment too learn he's as corrupt as the rest... a friend of Angelo 'countrywidescrew' Mozilo? OK - I'm not that naive, like the Warren commission, or the 9-11 Commission weren't cover-ups, and I am reading ZH, but it's just another blow to the hopeful illusion of some integrity somewhere.

From today's NY Times "However, the two soon received a startling message: Countrywide was off limits.  In a staff meeting, deputies to Phil Angelides, the commission's chairman, said he had told them Countrywide should not be a target or featured at any hearing, said Mr. Krebs, who said he was briefed on that meeting by Mr. Bondi and Mr. Biegelman shortly after it occurred.  His account has been confirmed by two other people with direct knowledge of the situation."

Damn, that's such a capitulation, such a breakdown of integrity.  Shame on you Phil (major temptation to delete this cuz it's so pathetically idealistic).  But, hey Phil, I am willing to ask - who threw you under the bus?  And why today?

As for a revolution of violent peons, I'm inclined to think human history will repeat the Mississippi Bubble collapse, where many, many French people who were utterly financially destroyed just lay down and died.  But it appears, that nature will exact justice on the elite and their children as well as the rest of us, complicit by acceptance clowns,  when the next nuclear facilities experience 'highly improbable' Fukushima level events, whether it's this generation or the next.  Just a guess, but the probability of another 3 events in 30 years are one heck of a lot better than winning the lottery.

 

 

 

Thu, 04/14/2011 - 22:46 | Link to Comment gorillaonyourback
gorillaonyourback's picture

blah blah blah,,,, the sheeple will think there is at least someone trying to do good like phil, but in the grande scheme its a video whose purpose is to passify the sheeple, give them some sense of percieved order.  "ah i feel better now, now i can sleep and go back to being a sheeple"

Thu, 04/14/2011 - 22:48 | Link to Comment Zymurguy
Zymurguy's picture

They'll bring about the charges and march some patsies in front of the camera on the lobbiest-owned-left-stream-media within the last few months before our next presidential election to make Barry and Co. look like saviors.

Thu, 04/14/2011 - 22:48 | Link to Comment AldousHuxley
AldousHuxley's picture

Egypt's dictator Hosni Mubarak's son Gamal Mubarak's occupation is.....(drum roll please)....investment banker.

America's corrupt ex-president who removed Glass-steagall's protections Bill Clinton's son-in-law's occupation is....investment banker.....with Goldman Sachs.

 

We have to remove politicians AND wall st. That's why it is so difficult.

 

Thu, 04/14/2011 - 22:52 | Link to Comment Catullus
Catullus's picture

There is a dual system of law in this country. It's not even as simple as the rich superclass. It centers around the fact that there are no laws that congress agrees to any longer. They simply allow a regulatory agency to regulate. Why is no one in jail? Because the law is what a regulator says the law is on any given day. The laws are completely arbitrary for this sort of thing. Securities fraud, what's that?

Why were banks not afraid of frank-Dodd? Because it's totally meaningless. It just creates another agency by which to create another set of rules that will be arbitrary decided and applied. Shaking in your boots over Elizabeth Warren? Please. What a joke.

Fri, 04/15/2011 - 00:35 | Link to Comment RockyRacoon
RockyRacoon's picture

Technically, Federal agency laws (regulations punishable by fines/imprisonment), and their added power to tax, would be unconstitutional.

The apparatchiks are appointed -- not elected.   This little situation seems to be the one that should be looked at first before further action is taken to reign in the scams and thievery on Wall Street as well as Congress.

Thu, 04/14/2011 - 22:50 | Link to Comment DavidPierre
DavidPierre's picture

1933:

For a year, a commission established by the U.S. Senate Committee on Banking, Housing and Urban Affairs has supposedly been investigating the causes of the Wall Street Crash.

Initially, the investigation" is little more than a whitewash. The first two commission counsels are fired and the third resigns in protest because there is no power to subpoena witnesses, which makes the whole exercise a bit of a farce.

But things take a remarkable turn when a remarkable man, New York City prosecutor, Ferdinand J. Pecora, accepts the position of Chief Counsel to the commission.

In February, Pecora begins a real investigation of what Franklin Roosevelt called "the ruthless manipulation of professional gamblers and the corporate system" which caused the Great Crash of 1929 and led to the Depression.

By the time Pecora begins calling the boys in the back room to account, forty percent of all U.S. banks have gone belly up taking the savings of nine million Americans with them. Millions of Americans have lost everything on stock market and "investment" scams. Homes, farms and businesses are being repossessed by the thousands. Seventeen million Americans are unemployed. And, through it all, through all the misery and hunger and despair, some people, already unimaginably wealthy, are getting richer and richer.

As the hearings unfold, America's leading financiers and industrialists, the "cream" of American society, the ruling class, are shown to have engaged, yet again, in an almost endless series of ruthless conspiracies against the people of the United States.

Charles Mitchell, President and Chairman of the Board of the Rockefellers' National City Bank (Citicorp) and a director of the American branch of the Nazi cartel, IG Farben, is the first Wall Street tycoon called to testify and his grilling by the courageous Pecora sets the tone for the rest of the hearings.

Pecora uncovers the fact that National City Bank is really little more than an enormous criminal conspiracy dedicated to swindling small investors out of their savings.

For years, the bank has been, via a subsidiary, the world's leading shill for what, in the biz, are called "securities", a direct violation of U.S. law which forbids banks to trade in "securities".

Mitchell tells the Committee that he "did not see it as a problem."

Of course for National City Bank, it wasn't a problem. His very good friend, Andrew Mellon of Gulf Oil, Mellon Bank and Alcoa had been essentially running the country for the benefit of the ruling class via the presidencies of Harding, Coolidge and Hoover since 1921.

Mitchell is forced to admit to evading his personal income tax by way of imaginary interest payments on an imaginary loan of $2,800,000 from the National City Company.

 Mitchell was receiving about one and a half million dollars a year a time when the average industrial wage in the U.S. was about fifty cents an hour.

Mitchell is forced to confess that a series of unsecured and unpaid loans for millions of dollars was made to National City insiders to cover their stock market losses. The beneficiaries of this theft from the bank's small stockholders include Percy Rockefeller and Mitchell himself.

Mitchell admits to conspiring with the U.S. puppet dictator of Cuba, Gerardo "The Butcher" Machado, to dump $31 million worth of useless Cuban sugar loans on the unsuspecting small stockholders of a National City affiliate.

Pecora uncovers the fact that, in 1927 and 1928, National City Bank dumped $90 million of worthless Peruvian government bonds on customers in the U.S. Pecora forces to Mitchell to concede that millions of dollars were made on insider trading and manipulations of Anaconda Copper subsidiaries by National City Bank insiders including Percy Rockefeller, James Stillman Jr., Mitchell himself and Anaconda President John D. Ryan.

The bank and Anaconda conspired to defraud the public through massive manipulation of Anaconda stock, fueling a speculative mania which pushed the stock to record highs far beyond its true value.

Mitchell is forced to confess to a series of National City/Anaconda conspiracies which were the greatest frauds in the history of American banking up until the time of the hearings.

It is revealed that Mitchell, Rockefeller and Ryan set up a "joint account" of nearly a million and a half shares of Anaconda stock, at no cost to themselves, which was repackaged and aggressively marketed to the public through a National City affiliate. The "joint account" was manipulated by Mitchell and Ryan who ran the share price up, from $40 in December 1928, to $128 in March of 1929. The trio then dumped their stock.

 This single scam netted Mitchell, Rockefeller and Ryan at least $150 million. By the time of hearings, Anaconda stock had collapsed to $4 a share.

Scheduled to follow Mitchell for a further uncovering of the Rockefeller-Mitchell-Ryan conspiracies is National City Bank director and Anaconda Copper chairman John D. Ryan. Conveniently, Ryan dies under mysterious circumstances three days before the hearings are scheduled to start and takes his secrets to the grave.

Percy Rockefeller, although apparently not too ill to engage in vast criminal conspiracies with Mitchell and Ryan, is allegedly "too ill" to appear before the Committee to answer Pecora's questions.

When asked by Pecora if he paid any income tax in 1930, J.P. Morgan Jr. replies, "I cannot remember."

Neither could Morgan remember if he had paid any income tax in 1931 or 1932. In fact, of course, he had paid not one red cent. Question after question was answered with "I cannot remember."

Pecora reveals that all of the Morgan family and their partners in their vast financial empire had paid a total of only $5000 in income taxes in the previous five years on hundreds of millions of dollars of income. And, it was all thanks to Treasury Secretary Andrew Mellon who had crafted U.S. income tax law so that the very wealthy, himself notably included, seldom paid any taxes at all.

During the Pecora Hearings, the financial gangsters who had brought ruin to so many came to be known as "banksters".

One of the slickest banksters to be summoned before the hearings was Clarence Dillon (nee Lapowski) of the "financial house" of Dillon, Read, by the time of the hearings heavily involved in financing the rise of Adolf Hitler and the Nazis in Germany.

Nazi public relations specialist Ivy Lee is hired to "prepare" Dillon for his appearance before the Committee. Among Lee's other esteemed clients are Nazi fuel supplier, William Farish of Standard Oil and the Rockefellers' partner in crimes against humanity, IG Farben.

Clarence Dillon and his son C. Douglas had been directors of United States and International Securities, a massive speculative pyramid scam which swindled Americans out of hundreds of millions of dollars.

Miraculously, Dillon, Read insiders cashed in their chips just before the Crash, walking away with $6,844,000 for stock which had cost them $24,110, a return of 28,000%.

 Ain't "free enterprise" wonderful?

Pecora uncovers the fact that Albert Wiggin, Chairman of the Board of the Rockefellers' Chase National Bank, had surreptitiously sold short 42,000 shares of Chase stock just prior to the Crash through a series of front companies. Other senior executives did the same thing, driving stock prices down and then making millions as share prices collapsed.

It goes without saying that no one named Rockefeller, Mitchell, Morgan, Wiggins, Dillon or even Lapowski ever goes to jail for their crimes and the pinstriped gangsters unmasked by Pecora were no exception.

Only a single minion of the ruling class, Richard Whitney, a long time associate of the Morgans and president of the New York Stock Exchange at the time of the Crash, ends up behind bars. But his crime was very serious, stealing from the ruling class.

The misguided Whitney pilfered $800,000 from his father-in-law's estate and then also stole from the New York Stock Exchange Gratuity Fund and, gasp, from the New York Yacht Club, all in order to prop up his liquor business.

Stealing from your clubmates just isn't done, old boy, and Whitney is sentenced to ten years in the slammer for his breach of ruling class etiquette.

Of course, he only does three years and is then given a nice little place in the country by his Wall Street buddies, where he lives a quiet and peaceful life until his death in 1974.

As the gangsters in pinstriped suits are called before the Pecora Committee one after the other, one of the biggest swindlers is noticeably absent.

It's Joseph "Jittery Joe" Kennedy who, as newly appointed chairman of the SEC, seems to have to be immune to the attentions of the Pecora Committee in the same way he was immune to the draft in World War One.

The Pecora hearings lasted over a year and provoked outrage among Americans. The stupefying greed and criminality of the ruling class so clearly exposed by Pecora, led to the Crash of 1929 and plunged the U.S. and much of the world into the Great Depression, causing untold hardship and misery for hundreds of millions of people.

But like so much of American history, the findings of the Pecora hearings and even the fact that they were held, are virtually unknown in the United States.

Following the Pecora hearings, a wave of regulatory legislation attempts to keep America's corporate criminals under control, although "short selling", one of the financial games most beloved of experienced Wall Street swindlers, was not outlawed.

Almost all of the protective legislation would vanish or be diluted in the 1990s by William "Slick Willy" Clinton, leaving the savings of Americans once again completely at the mercy of financial racketeers with entirely predictable results.

"Legal chicanery and pitch darkness were the banker's stoutest allies."

 

 Ferdinand Pecora

1934:

The Securities and Exchange Commission (SEC) is created, theoretically to clean up the financial swindling industry which has ravaged the wealth of Americans. Franklin Roosevelt, having a puckish sense of humor and owing a favor or two to Joseph "Jittery Joe" Kennedy for cash received, appoints him as the SEC's first chairman.

As one of America's leading financial scam artists and stock market swindlers, Kennedy certainly knows how the crooks work. Roosevelt justifies the appointment by telling an advisor that it takes "a thief to catch a thief."

You can't make this shit up.

Thu, 04/14/2011 - 23:03 | Link to Comment gorillaonyourback
gorillaonyourback's picture

wow, history does repeat itself :(

Fri, 04/15/2011 - 07:51 | Link to Comment Mesquite
Mesquite's picture

wow, history does repeat itself :(

IMHO: Most of the events, (including major..) are just moves on The Chessboard..

'Quick, Look over here..' No, zoom out one's focus and observe the effected results.!

  

Thu, 04/14/2011 - 23:13 | Link to Comment samsara
samsara's picture

Thank you very much for that.

Here's one back to you,  Supplimental Info so to speak on other things these same guys were doing at the time.

 (ie forming a coup on the presidency of the US)

http://american_almanac.tripod.com/smedley.htm

Thu, 04/14/2011 - 23:32 | Link to Comment DavidPierre
DavidPierre's picture
The Morgan-British Fascist Coup Against FDR

Thank you.  That is a good read.

And to think that so many years later, JP Morgan et al are still at it.

Thu, 04/14/2011 - 23:51 | Link to Comment samsara
samsara's picture

That is not as funny as many many years later,  From Prescott, to George Sr. to George Jr.   Three generations officially turning the country over to the elite.

 

"This is an impressive crowd — the haves and the have-mores. Some people call you the elite. I call you my base"

GW Bush

http://www.hark.com/clips/rczbfdcwqg-i-call-you-my-base

Fri, 04/15/2011 - 01:23 | Link to Comment DavidPierre
DavidPierre's picture

FOUR generations of ameriKlan Caligulas...

The House of Bush: Born in a Bank 

Samuel P. Bush, WWI offical government arms dealer for Rockefeller's Remington Arms company.

Prescott Bush created, funded and armed Adolph Hitler !

George HW Bush MURDERED JFK !

George W Bush implimented and covered up 9-11 !

A family with some very deep and bloody roots.

http://tarpley.net/online-books/george-bush-the-unauthorized-biography/

Thu, 04/14/2011 - 23:50 | Link to Comment Oh regional Indian
Oh regional Indian's picture

David P, as always, thanks for an awesome comment and history lesson.

Much appreciated.

ORI

Thu, 04/14/2011 - 23:13 | Link to Comment DoctoRx
DoctoRx's picture

You (all ZHers) should read Wall Street Under Oath by Pecora, published 1939 to fight the banksters' attempt to rewrite history.  It's out of print but available by inter-library loan usually.

FYI Most of the shenanigans such as that of Wiggins were legal.  Thus all the legislation.

 

 

Fri, 04/15/2011 - 00:44 | Link to Comment DavidPierre
DavidPierre's picture

The preface from Ferdinand Pecora's memoir, Wall Street Under Oath,  should be required reading for all Americans (and presidential candidates)...

"Under the surface of the governmental regulation of the securities market, the same forces that produced the riotous speculative excesses of the 'wild bull market' of 1929 still give evidences of their existence and influence. Though repressed for the present, it cannot be doubted that, given a suitable opportunity, they would spring back into pernicious activity.

Frequently we are told that this regulation has been throttling the country's prosperity. Bitterly hostile was Wall Street to the enactment of the regulatory legislation. It now looks forward to the day when it shall, as it hopes, reassume the reins of its former power.

That its leaders are eminently fitted to guide our nation, and that they would make a much better job of it than any other body of men, Wall Street does not for a moment doubt.

 Indeed, if you now hearken to the Oracles of The Street, you will hear now and then that the money-changers have been much maligned.

You will be told that a whole group of high-minded men, innocent of social or economic wrongdoing, were expelled from the temple because of the excesses of a few.

You will be assured that they had nothing to do with the misfortunes that overtook the country in 1929-1933; that they were simply scapegoats, sacrificed on the altar of unreasoning public opinion to satisfy the wrath of a howling mob blinding seeking victims.

These disingenuous protestations are, in the crisp legal phrase, 'without merit.'

The case against the money-changers does not rest upon hearsay or surmise. It is based upon a mass of evidence, given publicly and under oath before the Banking and Currency Committee of the United States Senate in 1933-1934, by The Street's mightiest and best-informed men. Their testimony is recorded in twelve thousand printed pages. It covers all the ramifications and phases of Wall Street's manifold operations.

The public, however, is sometimes forgetful. As its memory of the unhappy market collapse of 1929 becomes blurred, it may lend at least one ear to the persuasive voices of The Street subtly pleading for a return to the 'good old times.'

Forgotten, perhaps, by some are the shattering revelations of the Senate Committee's investigation; forgotten the practices and ethics that The Street followed and defended when its own sway was undisputed in those good old days.

After five short years, we may now need to be reminded what Wall Street was like before Uncle Sam stationed a policeman at its corner, lest, in time to come, some attempt be made to abolish the post.

It is in the hope of rendering this service, especially for the lay reader unfamiliar with the terminology and conduct of The Street, that the author has endeavored, in the following pages, to summarize the essential story of that investigation--an inquiry which cast a vivid light upon the uninhabited mores and methods of Wall Street."

Thu, 04/14/2011 - 22:58 | Link to Comment nah
nah's picture

THE POLICE ARE ONLY THERE TO ENFORCE POLITICS AND TAXES

Thu, 04/14/2011 - 23:08 | Link to Comment Augustus
Augustus's picture

I would like to be on the "people's court" jury that could get the scum like Levin in the box.  A leader of the plundering class, he is one large toad that deserves to do time for the crime of lying for political purposes.

I like the reference in the article to the knock over of the 7-11.  Obviously, if it works, the criminals will do it again.  that well describes how the "honorable homeowner" now regards any mortgage lender.  Lenders only exist to be plundered.

Thu, 04/14/2011 - 23:12 | Link to Comment hognutz
hognutz's picture

Sheeple AWAKE! You are being sheered! Fight Back!

Damn you live up to your responsibilities!

Thu, 04/14/2011 - 23:14 | Link to Comment Stuck on Zero
Stuck on Zero's picture

The living proof that Phil Angelides did not prosecute the banksters is that he's still alive.

Thu, 04/14/2011 - 23:41 | Link to Comment IQ 101
IQ 101's picture

This guy is worth a listen,http://www.youtube.com/watch?v=oYiaqNJ5dOw

The pesants are waking up.

What an embarassing time to be in "Law enforcement"

Run around pulling the peasants over for job searching with expired tags on the sedan

while your Ma and Grand'ma are quietly ass raped from afar by

NY hucksters, "The Patriotic helpfull policemen" in cahoots by union decree methinks.

 

 

 

Thu, 04/14/2011 - 23:19 | Link to Comment The Answer Is 42
The Answer Is 42's picture

You all got it wrong. The reason why no big wigs has gone to jail is very simple: they've changed the laws over the past two 3 decades.

It's not just the prosecutors/regulators, people. The legislation branch has been the most corrupt one for a long time. That's where the source is.

Fri, 04/15/2011 - 07:43 | Link to Comment Bitch Tits
Bitch Tits's picture

Junked for the truth?

If you don't believe The Answer, then take a few minutes today and study your state's business laws. The legislative branch has criminalized pot and legalized fraud. It's an upside down world we are living in. Either right it, or flip over to the other side. Those are the choices.

Thu, 04/14/2011 - 23:29 | Link to Comment ParaZite
ParaZite's picture

Am I the only one who is reminded of an Exploited song by this article?

 

http://www.youtube.com/watch?v=dxrolYt2j18

 

Thu, 04/14/2011 - 23:42 | Link to Comment JosephConrad
JosephConrad's picture

Now WHITE FOLKS see what NON-White Folks knew all along! Money Talks & B.S. Walks...BUT with a '.45' You can SILENCE the 'Talkers' & Give a Free Ride to the 'Walkers'!

Thu, 04/14/2011 - 23:55 | Link to Comment Element
Element's picture

William Black poses a very good question:

Tuesday, April 12, 2011 William Black: Why aren’t the honest bankers demanding prosecutions of their dishonest rivals?
Fri, 04/15/2011 - 00:21 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

I for one,am going to love that sound ,when it happens... ...................SNAP................!

Fri, 04/15/2011 - 00:31 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

WOW....SOME FUCK TARD....came on and JUNKED EVERYONE once........

Fuck Off and DIE asshole...!!!

Fri, 04/15/2011 - 02:49 | Link to Comment DollarMenu
DollarMenu's picture

That happens quite frequently.

I think someone lets his/her kid sit on his/her lap at the computer and lets the

kid 'make the screen work'.

They're harmless.

Just like our regulators in D.C.

Fri, 04/15/2011 - 00:39 | Link to Comment Prophetwithoutprofit
Prophetwithoutprofit's picture

It is ironic that the New York Times does a piece on the failure to prosecute, Levin comes out with anatomy of the financial crisis and Barry Bonds gets convicted of one count of obstruction of justice.  Chasing a baseball player for 9 years over use of steroids while bankers walk off with billions demonstrates this misplace values in our society.  Bonds didn't steal billions.  We truly have a two-tiered justice

system.http://www.prophetwithoutprofit.com/2011/04/15/untimely-news-that%E2%80%...

 

 

Fri, 04/15/2011 - 01:01 | Link to Comment ebworthen
ebworthen's picture

 

Phuked up society and culture for sure.

And meanwhile...we pay other players millions per year as a Father gets beaten into a coma for coming on the other teams "turf".

Phuking monkeys.

 

Fri, 04/15/2011 - 00:49 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

Great post DavidPierre.

FUCK JP Morgan Chase ...

THIEVING MOTHER FUCKING BANKSTERS.....

FUCK YOU...!!!!

Fri, 04/15/2011 - 00:51 | Link to Comment ebworthen
ebworthen's picture

 

Timothy Geithner COMPLETELY DODGED two direct questions about the legerdemain, the malfeasance, the THEFT of Wall Street and Washington today.

Ignored it.

Blew off one as "health care costs" then blew off the other as "not as bad as Europe" and the dominion of "law enforcement agencies."

You are the Secretary of the Treasury my dear man!!!

Hangings!

We need Hangings!

 

Fri, 04/15/2011 - 00:57 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

Yeah....

Hey look over there....

That guy playing baseball is doing drugs.....

Fucking U S Justice dept is a fucking joke too.

Fri, 04/15/2011 - 01:05 | Link to Comment ebworthen
ebworthen's picture

 

Yes, it has become like absolution in the Middle Ages.

Your soul?  Save your soul? 

How much money do you have to "donate" for your "salvation"?

 

Fri, 04/15/2011 - 01:05 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

Timmothy Giethner sucks Rothscilds cocks....When he is done with Bens...

Fri, 04/15/2011 - 01:05 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

That would be Rothschilds cocks...

Fri, 04/15/2011 - 01:17 | Link to Comment jomama
jomama's picture

things have become positively pornographic.

Fri, 04/15/2011 - 01:19 | Link to Comment IQ 101
IQ 101's picture

The Audacity of rope.

Fri, 04/15/2011 - 01:32 | Link to Comment luk427
luk427's picture

Talk is cheap, let's see some jail time or fines larger than the proffitts made from the crimes committed. then you will get the peoples respect. In the mean time keep buying gold and silver. 

Fri, 04/15/2011 - 01:32 | Link to Comment cowpieflapjack
cowpieflapjack's picture

Nail one of the pricks. Get them to name names for leninecy. Turn half of these numbnuts on the other half to ferret them out. And fuck that " not as bad as Europe" bullshit. It can always be worse somewhere else you fucking idiot. Alfred E. Newman continues as the poster boy for politburo.

 

Fri, 04/15/2011 - 01:35 | Link to Comment cowpieflapjack
cowpieflapjack's picture

leniency*, *the politburo*

Fri, 04/15/2011 - 01:52 | Link to Comment butterbean57
butterbean57's picture

Now I feel better.

Fri, 04/15/2011 - 02:10 | Link to Comment jmc8888
jmc8888's picture

Of course Angelides also says it was what law repealed that allowed Wall Street to do this...and what made regulation harder (not an excuse)?

Glass-Steagall

Because with Glass-Steagall all the dullards (corrupt or incompetent), wouldn't have to try to learn all these new tricks, since they would never be allowed to engage in anything resembling such tricks. (if glass-steagall was in place it would also make life harder for the corrupt regulator to say...oh I didn't understand that)

That's the other side of Glass-Steagall.  Not only did it allow the banksters to do all this shit that was outright fraud, it also created a void of which the regulators had to figure out what the new tricks were.  Remember, even stuff that is legal, is still fraud, because without the Glass-Steagall standard and separation in place, fraud became legal. (and of course, they pushed it)

Glass-Steagall

Hamiltonian Credit System

True American Currency, not federal reserve foreign corporation reserve notes

End 'free trade'

Fixed exchange rates

NAWAPA

Fusion

Space Program

Machine tools

Mag-lev

 

Fri, 04/15/2011 - 03:27 | Link to Comment chindit13
chindit13's picture

Matt Taibbi and Eliot Spitzer did an interview on---of all places---a CNN show hosted by Anderson Cooper.  In the event Tyler chooses not to make the interview clip a ZH article, here are a few interesting points from it:

---Spitzer said that when he was looking into some allegations against Merrill Lynch back when Spitzer was NYAG, the head Counsel for ML said, "Be careful;  we have very powerful friends".

---Spitzer said---referring to Goldman Sachs and their CDO fraud---"if Eric Holder does not prosecute Goldman Sachs, he should resign".

---Taibbi made an analogy simple enough for everyone to understand (re Goldman's Selling/betting against CDO's it created), "It's like a car dealer knowingly selling cars with defective brakes, bonusing the salesforce for moving the cars, then taking out life insurance policies on the car buyers".

---Taibbi also made a point of saying that Goldman Sachs was Obama's largest campaign contributor

Definitely worth the watch. (CNN is not carrying the video on its site yet.)

Fri, 04/15/2011 - 06:15 | Link to Comment chistletoe
chistletoe's picture

Inflation is contained.

Pay no attention to the fact that the convenience store down the street

is now changing its name to "8-12"!

Fri, 04/15/2011 - 06:39 | Link to Comment Hot Shakedown
Hot Shakedown's picture

Fast forward to current administration. The Geithner - Obama connection (thru Timmy'father and Barry's mother) is astonishingly revealed in this recent article. In the middle of the article we learn of the (not so public) ICCI banking scandle. Do some additional due dilligence via google and you will find that this scandle is eerily similar to current situation. The author provides an interesting backdrop to the complexity of the currently corrupt framework that really began two generations ago. The Geithner family connection to Obama was an eye opener to me. On another level, the theme of the piece centers on the inelligibility of current POTUS, which , as many here know, is not really about 'where' obama was born, but more about his constitutional 'natural born citizen ' qualifications. In my view, if Trump does not follow thru with greter detail and simply focuses on the mainstream meme of "he was born in HI" - -then he is a plant- imposter- and a clever deflection from real issue at hand. If Trump runs as an independent, this theory would be confirmed and we are really fucked. (Unless someone with integrity is elected) I urge everyone to read this piece: http://www.canadafreepress.com/index.php/article/35298

Fri, 04/15/2011 - 07:36 | Link to Comment writingsonthewall
writingsonthewall's picture

Revolution 'ON'.

Fri, 04/15/2011 - 07:36 | Link to Comment Watauga
Watauga's picture

"Living well is the best revenge."  And there are dozens of ways to live well.  For ZH readers, living well may mean taking full advantage of the outcomes presented by the current socio-political-economic "arrangments."  After all, hundreds of Hedgers post how heavily invested they are in PMs.  Well, ride that bull to the top, convert it into something tangible before the meltdown, and you are golden.  In other words, take advantage of the opportunities his "arrangment" offers you.  If you had gone "all in" AGQ just three months ago, at about $138, you would be at $278 today.  So, you bought 500 shares at $138K.  Today, three months later, it is worth $278K!  And all because of this system and these "arrangements."  Ride it until gold reaches $60 per ounce--pretty good deal, right?  So, live well, hedgers, using this system to YOUR advantage.

Fri, 04/15/2011 - 07:55 | Link to Comment Watauga
Watauga's picture

Meant to write "1000" vice "500."

Fri, 04/15/2011 - 08:03 | Link to Comment jplotinus
jplotinus's picture

So long as corporatism, corporate crime and crony capitalism are of no concern to your Tea Party / Palin supporter types, nothing is likely to be done about the plutocratic abuses.  And, your Tea Party / Palin types are not going to become concerned unless and until the shelves at WalMart and the Dollar Store are bare and there's no gas for the double-axel F-350s.  Even then, they might end up blaming Obama's birth certificate and too much regulation.

Fri, 04/15/2011 - 09:13 | Link to Comment Hot Shakedown
Hot Shakedown's picture

it's not about the "birth cerfiticket" you moron. You miss the point entirely

Fri, 04/15/2011 - 08:10 | Link to Comment P-K4
P-K4's picture

(PROPOSED) CORRECTION

When Washington laws help Wall Street rob from taxpayers,  they complain after the fact , how the laws were lax and then go on to demonize the whistleblowers and the few honest people who bring this to light. Their solution is, always, to increase the number of watchdogs, which roughly translates to "I want to share the loot with other like-minded, unscrupulous staff, czars and aides - because its so easy and no one goes to jail as long as Mainstream Media gives us airtime to speak out against the crimes that we helped perpetrate.

 

Bottom line, crime pays well in America due to the collective bargaining of tax payer dollars.


Fri, 04/15/2011 - 09:11 | Link to Comment G-R-U-N-T
G-R-U-N-T's picture

Bla Bla Bla...."How do we avert another financial crisis?"

http://www.ebaumsworld.com/video/watch/18567/

I laughed when he said "reckless behavior" Good lord!

His 7-Eleven analogy couldn't have been more succinct.

Fri, 04/15/2011 - 09:19 | Link to Comment thetruthhurtsthefed
thetruthhurtsthefed's picture

As the crook Meyer Amshel Rothschild said, "Give me control of a nation's money and I care not who makes her laws."  He spelled it out for us and we still swallowed!
Mayer Amschel Rothschild


Fri, 04/15/2011 - 10:40 | Link to Comment ISEEIT
ISEEIT's picture

Punched another hole in t`he wall last night over this sort of shit. These God-damned Machevelian peices of waste can't burn in hell fast enough (because we need to spend some 'quality time' with 'em first: Kinda like boot camp, we ought to prepare them for what they are about to experience).

This one is on par with that black guy who reads the teleprompter.

FUCK THEM BOTH AND THE BANKERS WHO RODE IN ON THEM!

 

Fri, 04/15/2011 - 10:57 | Link to Comment stiler
stiler's picture

I think it's enough to say that both rich and poor together will appear before God for judgment. Its just hard to see that today. Both great and small.

Fri, 04/15/2011 - 16:10 | Link to Comment The Real Fake E...
The Real Fake Economy's picture

some great comments!! 

Do NOT follow this link or you will be banned from the site!