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SEC Folds Like A Lawn Chair, Will Not Seek Charges Against BofA Individuals
More theater, more injustice, more kickbacks. We demand Mary Schapiro's immediate resignation for gross dereliction of assigned duty. From WSJ:
In a statement Monday, the SEC said it didn't find evidence that individuals at the Charlotte, N.C., bank executives deliberately concealed information from Bank of America's lawyers or that internal or outside counsel intentionally sought to mislead shareholders.
"For these reasons, the SEC's proposed complaint does not seek charges against any individual officers, directors or attorneys," according to the statement. "SEC staff has advised the Commission that, after a careful assessment of the evidence and all of the relevant circumstances, it has determined that charges against individuals for their roles in connection with proxy disclosure are not appropriate."
F#*& (we are merely testing out what regulatory capture feels) the SEC.
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schapiro is worthless. on a more positive note, alcoa shit the bed.
Alcoa can't wait.
alcoa shows that double dip is at hand
even after unprecedented FED trillions, they can't get aluminum use up, never mind M1-M3, and GDP more than a couple percent
ha ha, the world improvers are striking out
Centrally planned economies never have and never will survive
More fraud by the federal government. I'm beginning to believe the only way to root out the corruption is to have revolution. The government cannot be trusted.
She doesn't even look good in a tight blouse...
President Obama:
You must immediately fire Schapiro.
And Geithner.
And withdraw the Bernanke nomination.
And, that's just for starters.
Want to talk to me? zhdeadhead at gmail dot com
The USA is heading down the tubes Mr. President and there is little time left to turn her around.
Fire Schapiro or change the name to the US Insecurity and For-Shame Commission.
"it has determined that charges against individuals for their roles in connection with proxy disclosure are not appropriate."
In this sense she is correct. It is not appropriate for her to piss off her masters. I'm surprised she took the bankster cock out of her mouth long enough to speak.
Are we really outraged? As Bill Maher said, the government represents their biggest clients very well. She is just following this well established trend.
your optimism in obama is pretty phenomenal considering the current state of affairs
I'm his assistant. He'll get right back to you.
Never have so few, taken so much, from so many.
+1 Nice remix of the classic quote.
very well said there crosey!
+1 - I tweeted it out with ht. Money quote, man.
The only thing more strange than this is the disappearance of Bill Clinton and Hank Paulson after UBS disclosed the 4,000 names.
HA! No-shit. Also explains why IRS may not actually go after all of disclosed names.
something to that? do tell.
Hehe ... I did not have an account at that bank!
Got gold? Seriously, this game is total fraud rolled up in a Ponzi scheme. Having reached my limit of swallowing the BS and other 'green shoots' and 'less bad than expected'...
Seriously, vote with your dollar and buy physical gold. Remember: Las Vegas may have been built from your bad luck, Wall Street today is being built on outright fraud.
And now you know why they putup the new charges - so it looks like they're doing what they can.
The ball's in Rakoff's court now. He told them to sue the individuals... I'll have to dig back for the statements... we'll have to see if he holds the SEC in contempt...
Shocking.
Mary schapiro does not head the SEC. It's that dude from GS that runs the show. Mary is his secretary. I hear she makes a mean cup of coffee and types 90 WPM.
Hah......another slam dunk from Mary with a hand off from the wizards behind the curtain.
Surely none of us were delusional enough to think the Box of Pandora would be opened.
off with her head!
"Prosecutorial discretion" really means "some people are above the law."
Special Enabler of Criminality.
That sums it up.
And here, on display, the characteristic moral depth of this generation of vipers. Nurtured by psychologists, not priests, and having presided over the death of conscience, no one is quite ever worthy of an ascription of wrong doing these days. The Panty Bomber embarrasses, almost guts, the nation and the Chief Viper has no one to hold responsible any more than he could bring himself to hold his predecessors accountable for their crimes respecting torture and wars of aggression. You see, they were really good people, all very well intended, of course, with only the nation's best interests at heart. All that counts is the subjective intent, not the objective standards of either the moral or the civil law. Those, after all, have only inferior claims to make, the claims of those prissy, judgemental "blame merchants" of another age. So, in the minds of our elitist ruling clique, were there miscreants in this BOA/Merrill episode? How could there be?
Excellent as always!
We've always been at war with Eastasia.
we need to start getting this type of info out to more people. Info is the way to win a modern revolution. I think several options would include-
1.ZH starting a business network(ZNN?)
2.sending info to BNN, who, unlike our media, does not appear to be entirely captured
3.starting an actual BNN subsidiary here.
Nothing the Judge can do this time ... entirely within the discretion of the SEC. You can bet they will bring the "big dogs" to this next hearing. Ain't no stinkin Judge gonna intimidate THIS SEC!!
Help us Obewancuomo, you're our only hope.
Well, if taking national security orders from Fed let's you off the hook (a la Geithner discussion from last week), they can't go after Lewis. He has marching orders from Paulson not to disclose.
Not defending him, but they may be why. Seems to me Paulson is the one who should have been prosecuted.
Pathetic.
DavidC
So lets see, do I have this right? The corporation may have done something wrong but not the individuals? Individuals run the corporations and individuals commit the wrongs! What kind of penalty could be obtained in Judge Rakoff's courtroom? One that penalizes the individuals who own the stock or one that penalizes the individual who committed the wrongdoing? The latter seems to be the one we should go after.
+googol
That is truly f***ed up, makes no sense, and is totally unsurprising.
I guess they are right, considering that proxies just write themselves these days, without human input.
For the SEC to follow through on any investigation would be merely to topple the first in a long line of dominos. Like Jimmy Pope said: "Dig six feet, find three bodies. But dig twelve feet, you find maybe forty."
+1.
And one of the bodies buried deep may be one they never want found. Such is the way of gubmint.
Anyway, it's January and CalPers is forced to disclose their placement agents......aka "bagmen" ... promoting the exotic Wall St. junk-selling crowd to their brilliant bought off Board and staff gurus. Already know the former Deputy Mayor of LA was just one placement agent.......paid $ 70 million . Only 399 more PAs to go. Full list next week per LA Times.
A brilliant scheme......probably no kickback trail either. Placement agents are to Wall Street like BlackRock is to the State Department. Go-to - guys for all the really dirty or illegal business. And they are unregulated, of course.
Worth seeing how SEC/AG deal with it.
A crime of the new century buried 12 feet down. That's for sure.
rain...saw on b'berg today that arnold is talking about not paying the bills by march or so as the "cushion" on the big checking account will fall below 2.5 billion.....
i'm still holding out hope that our phucknuts that run NY can outdo Cali...do NOT count NY out of the race to the bottom!!
p.s. we may get some breathing room as NY is just salivating over their 7-8% income tax cut on the wall street bonuses and NYC gets another few percent as well (that's why NY politicians are NEVER to be trusted when they scream out about the wall street excesses (that would really include you Chuck Schumer, you wall street sycophant)
I betcha' a virtual buck from my virtual wallet that CA beats ya', DH.
Even give you 50-1 .
Interesting that CA and NY are the first and second biggest economic engines for the USA and me and you are betting on which one hits bottom with hull first.
But I think we in CA win because payouts to gubmint insiders are all guaranteed in the State Constitution......teachers, prison guards, etc.......so everybody is first in line. We also figured out how to run government through Proposition votes that heaped massive bond debt on slowly year after year....all approved by a clueless sheeple.
Aw, I could go on and on. I got a strong hand. What you got ?? :)
I think you guys will beat out NY.
I've no problem taking the silver medal!
Another buried body classic :
"If all the dead bodies buried in the deserts of Nevada popped straight up all at once, it would turn the desert into a forest.
How long is this going to last? The only thing that will strike fear in these fucking criminals is the threat of losing their jobs. In the next election, we need to vote against every single incumbent and let them understand that absolutely no one is doing their job, fuck every single one of them!
Fucking Bullshit is what this is. We have lost it all.
SEC = Socialist Enabling Commission
Schizophrenic time. We are charging them, we aren't charging them. We are charging them, We aren't charging them.
Rakoff said the SEC fines were inadequate and didn't punish the people responsible, and the SEC says it won't pursue individuals, so what charges are being brought against whom in the new SEC lawsuit? They can't drop the lawsuit entirely. The PR would be awful.
That's the end result of the lesson moms and dads across America used to teach their kids: once you have done something wrong and lie about it, it only gets worse.
The whole wall of individual responsibility within the framework of large groups has GOT to be resolved because it works TOO often. I'm sick of people hiding behind race or religion or any sort of group energy when they are being attacked. Which makes the whole Jew thing for JP Morgan a bitch. It doesn't matter if they are a Jew or NOT. It should have NO bearing on their ability to protect or defend themselves or any bearing on sympathetic association. The fact that these freaking people who are "empowered" by the system are able to so thoroughly control and manipulate large groups of people through the veil makes it's sickening that in how it promotes this group identity racism and "valueism" that isn't "valueism". An alter boy molesting catholic preist is not a catholic. He's a sicko wearing whatever trustworthyness and responbility that group can generate like an energy cloak.
since you brought it up.......
watching a video today on 911missinglinks.com . I do not want to believe 911 was an inside job. But the evidence leaves me no choice.
As a contractor I can see the steel was cut at angles to incline the compaction toward the center. There are only so many ways to accomplish that. How can our fellow humans be so cruel, so greedy for power.
It made me realize how at risk we all are, from chemtrails to H1N1 and more.
So the world is a prison to me and you and i live at the whim of others.
Chemtrails?
...seriously?
This was on a local news station:
http://www.youtube.com/watch?v=okB-489l6MI
New York Community Bank.
no, SEC staff, we haven't forgotten that one either.
Thanks for checking in on ZH, the real financial news media, where the truth is printed.
and some people wonder why people are hopping made out here in fly over country????
Awesome.
Seriously. After all, it never seems to have occured to the proponents of the Cloward-Piven strategy that it could, you know, actually backfire on them.
Besides, did anyone not see this coming?
Only those with their eyes closed.
Monkey see, monkey do.
The ball's back in Rakoff's court, like it was four months ago.
"Overall, indeed, the parties' submissions, when carefully read, leave the distinct impression that the proposed Consent Judgment was a contrivance designed to provide the S.E.C. with the facade of enforcement and the management of the Bank with a quick resolution of an embarrassing inquiry--all at the expense of the sole alleged victims, the shareholders." 9/14/09 Order at 8.
That's why J. Rakoff gave the S.E.C. four months to take discovery and add to the complaint any individuals--including lawyers--who made the decision to conceal the MER bounuses.
This may yet end badly for BAC and the S.E.C. A federal district court judge has tons of power AND discretion.
Don't expect Judge Rakoff to take this lying down. A pissed off Article III judge is a sight to behold.
It's almost as if they want a revolt, how much more of this BullShiit do they really think we'll take. Do they want an all-out knock-down drag-out with a few million pissed off, broke, armed people with nothing left to lose? IMHO, they do/must. I can't for the life of me figure out why their pushing so hard for it.
It is not that so much as it is a total lack of conscience.These people are so depraved and utterly devoid of any moral fibre as to truly be lacking in humanity.And every time they get away with these outrages, it lowers the bar for the next time they decide to run roughshod over the little people.They are totally driven by their insane appetites, and could not care less who they hurt.Indeed, I rather think they enjoy it.
The problem with criminal sociopaths is that they have a tendency to take things too far, and this will be their downfall.Driven by their insanity they won't even see the cliff until they are falling from it.Of course, then it is too late.
"and could not care less who they hurt.Indeed, I rather think they enjoy it."
That's my point. They have to (on some level) understand that a people can only take so much pain and suffering before they strike back. I mean didn't a bunch of these pricks just go through some handgun training or something of the sort? That just shows they know it might get a little nasty (though I doubt they know just how bad). Oh well, WHEN it comes I don't think they'll find much sympathy.
Her only "assigned duty" was not to bitch the furniture.
Loot first. (Pretend to) Regulate second.
From SARBOX:
Title IX: White Collar Crime Penalty Enhancements.
Maximum penalty for mail and wire fraud increased from 5 to 10 years.
Creates a crime for tampering with a record or otherwise impeding any official proceeding.
SEC given authority to seek court freeze of extraordinary payments to directors, offices, partners, controlling persons, agents of employees.
U.S. Sentencing Commission to review sentencing guidelines for securities and accounting fraud.
SEC may prohibit anyone convicted of securities fraud from being an officer or director of any publicly traded company.
Financial statements filed with the SEC must be certified by the CEO and CFO. The certification must state that the financial statements and disclosures fully comply with provisions of the Securities Exchange Act and that they fairly present, in all material respects, the operations and financial condition of the issuer. Maximum penalties for willful and knowing violations of this section are a fine of not more than $500,000 and/or imprisonment of up to 5 years.
Title XI - Corporate Fraud and Accountability.
Section 1102: Tampering With a Record or Otherwise Impeding an Official Proceeding.
Makes it a crime for any person to corruptly alter, destroy, mutilate, or conceal any document with the intent to impair the object's integrity or availability for use in an official proceeding or to otherwise obstruct, influence or impede any official proceeding is liable for up to 20 years in prison and a fine.
Section 1103: Temporary Freeze Authority for the Securities and Exchange Commission.
The SEC is authorized to freeze the payment of an extraordinary payment to any director, officer, partner, controlling person, agent, or employee of a company during an investigation of possible violations of securities laws.
Section 307: Rules of Professional Responsibility for Attorneys.
Attorneys appearing and practicing before the Commission in any way in the representation of issuers are required to report evidence of a material violation of securities laws to the chief legal counsel or the CEO of the company and if they do not appropriately respond to the evidence, attorney’s are required to report the evidence to the audit committee of the board of directors.
Section 409: Real Time Issuer Disclosures.
Issuers must disclose information on material changes in the financial condition or operations of the issuer on a rapid and current basis.
This will definately get her on the short list for Chair of the Fed should black hawk Benny not get reconfirmed.
If Bernie Madoff were in charge at the SEC things would be different :-)
Agree.....that's why FDR put Joe Kennedy in charge of SEC during the First Depression. Dude knew all the games.
FREE BERNIE TO CLEAN UP WALL STREET !!
Somebody needs to get medieval on the whole damn FIRE economy! Oh, and let's DO NOT leave out CONgress, who made all this shit possible in the first place.
Translation in ( ) of excerpt from SEC press release:
According to the SEC's proposed complaint, Bank of America executives (Capos) at various times discussed the firm's disclosure obligations (cover-up efforts) with internal and external counsel (consiglieri). These executives (Capos) are not alleged to have deliberately concealed information from counsel (consiglieri) or otherwise acted with scienter or intent to mislead. Nor is any counsel (consigliere -each and every one an honorable man) alleged to have acted with scienter or intent to mislead. For these reasons, the SEC's proposed complaint does not seek charges against any individual officers (Capos) , directors (Caporegimes) or attorneys (low life scum). SEC staff (Madoff booster club) has advised the Commission (DC branch of the Wall Street Mafia) that, after a careful assessment of the evidence (evidence presented by the honorable folks at BofA) and all of the relevant circumstances (SEC staffers chance of marrying a super-rich BofA son or daughter, or divorced spouse loaded and ready to fly to Tahiti), it has determined that charges against individuals for their roles in connection with proxy disclosure (stock holder fraud) are not appropriate.
Crooks don't commit crimes...pieces of paper called corporations commit crimes.
http://www.sec.gov/litigation/litreleases/2010/lr21371.htm
here's the part where i act surprised