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Holder Laid the Groundwork for “Too Big to Jail” In 1999
Everyone knows that Eric Holder – the head of the Department of Not-Much Justice – has said that the big banks are too big to jail.
And many people know that – prior to becoming the Attorney General – Holder was a partner at a big firm which did some despicable things to represent the big banks and MERS.
But Holder’s see-no-evil act actually started more than a decade ago.
Specifically, in 1999, as Deputy Attorney General, Holder wrote a memo arguing against prosecuting large financial service companies:
Prosecutors may consider the collateral consequences of a corporate criminal conviction in determining whether to charge the corporation with a criminal offense.
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One of the factors in determining whether to charge a natural person or a corporation is whether the likely punishment is appropriate given the nature and seriousness of the crime. In the corporate context, prosecutors may take into account the possibly substantial consequences to a corporation’s officers, directors, employees, and shareholders, many of whom may, depending on the size and nature (e.g., publicly vs. closely held) of the corporation and their role in its operations, have played no role in the criminal conduct, have been completely unaware of it, or have been wholly unable to prevent it. Further, prosecutors should also be aware of non-penal sanctions that may accompany a criminal charges, such as potential suspension or debarment from eligibility for government contracts or federal funded programs such as health care. Whether or not such non-penal sanctions are appropriate or required in a particular case is the responsibility of the relevant agency, a decision that will be made based on the applicable statutes, regulations, and policies.
Virtually every conviction of a corporation, like virtually every conviction of an individual, will have an impact on innocent third parties ….
Matt Taibbi points out that – when the Department of Justice subsequently prosecuted accounting giant Arthur Andersen for covering up Enron’s fraudulent schemes – Anderson ran with Holder’s argument, and threatened the DOJ “using their employees as human shields”.
Specifically, Andersen said that – unless the DOJ dropped the prosecution – innocent Andersen employees would lose their jobs.
Andersen was prosecuted and convicted, and some innocent employees – as well as the big time fraudsters – lost their jobs. Since then, the Justice Department has gotten so gun-shy that we basically haven’t had any criminal indictments against a large financial services company since then.
In the wake of the recent revelations that the big banks manipulate virtually every market in the world, and that HSBC blatantly laundered drug cartel money, Holder has said that we can’t indict big companies because that might harm the U.S. or world economy.
And Matt Taibbi notes that – for the first time - Holder is now saying that not only can’t we indict the companies, but we can’t even indict any of the individual criminals at the companies. In other words, Holder is implementing a permanent shield for employees and executives at large institutions.
The Big Banks and Commodities Future Trading Commission Conspired to Hide Speculation from Congress
One of our favorite topics is the many ways that big banks manipulate prices.
Last night, Rolling Stone financial writer Matt Taibbi gave some very interesting details about how the big banks have gamed commodities prices.
For 60 to 70 years, the regulations preventing speculators from betting on commodities worked pretty well. Only commodity producers or buyers – you know, the people who are supposed set prices – could hedge their bets.
But in the early 1990s, the big financial companies starting applying to the Commodity Futures Trading Commission (CFTC) for “exemptions” … so that they could speculate on commodities.
Specifically, they asked to be artificially treated as real commodity producers or consumers – even though they weren’t producing or buying commodities – so that they could “hedge” bets (in name only) on products they didn’t even possess. (Sound familiar?)
In 1991, the CFTC issuing exemption letters. The first letter was written to J. Aron, a subsidiary of … Goldman Sachs.
Pretty soon, every major bank in the U.S. was given an exemption.
Congress didn’t know about the exemptions. Indeed, the House Agricultural Commission – which oversees the CFTC – didn’t even find out about the exemptions until 6 years later … in 1997.
When a congressman on the Agricultural Commission asked the CFTC for a sample of one of the exemption letters, the CFTC official said he had to ask Goldman Sachs whether or not the CFTC could show a copy to Congress. In other words, the banks were already running D.C. by the 90s.
Commodities speculation has exploded since the exemption letters were issues.
For example, in 2003, there was only $29 billion in speculative activity in the commodities markets. By 2007-2008, there was over $300 billion in commodities speculation.
Icelandic Parliament: Big Icelandic Banks Were Public Banks … Which Were Privatized FOR FREE Shortly Before They Tanked
Birgitta Jonsdottir is a member of the Icelandic parliament. She knows a good deal about the financial crisis. Indeed, before being elected to parliament, she made a documentary about the collapse of Iceland’s economy as an investigative journalist.
Last night, Jonsdottir (pronounced “yont-Daughter”) disclosed a stunning fact in a speech I attended:
All our banks were actually public. They were privatized a few years prior to the financial crisis.
Jonsdottir explained that Iceland’s banks grew to 5-7 times the size of the country’s GDP during the county’s brief bubble after privatization.
And the Icelandic parliament – in a fact-finding report – later found that the bankers never paid anything to “buy” the banks from the government or the people. In other words, sweetheart deals and corruption meant that a handful of people looted the banks without paying a penny.
America is analogous. The prosperity which our ancestors worked so hard to build – and the very vision of prosperity of the Founding Fathers – has been looted.
Jonsdottir says that it wasn’t just the bankers who were corrupt … it was also the Icelandic politicians, media, academia … all of the people in a position of power.
She points out that - as bad as things are in America - they were as bad in Iceland. And yet they took the bulls by the horn and turned things around.
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Hey George, remember all that shit you posted here about an ocean of tusnami debris suddenly arriving at our shores? Of beaches heaped high with it?
Remember posting that six months/oneyear/two years after the event?
Remember pissing your pants about ecological armageddon, George?
Well you need to look here: http://marinedebris.wa.gov/
"According to NOAA, there is no tsunami “debris field” or consolidated collection of debris out at sea. Instead, debris is dispersed across a vast ocean area about three times the size of the continental United States. It is so scattered and spread out that it can’t be seen by even sophisticated satellites"
"Some items found on Washington beaches have been confirmed to be Japan tsunami debris. NOAA worked with the Consulate-General of Japan in Seattle to confirm the origin of several items including:
That's far different from your bedwetting about oceans of debris. IOW Nuisance, not catastrophe.
Ditto your dumbass comments about the effects of Fukushima on the Japanese.
http://www.theage.com.au/comment/japans-radiation-disaster-toll-none-dea...
"Now the United Nations Scientific Committee on the Effects of Atomic Radiation has drawn on 80 scientists from 18 countries to produce a draft report that concludes: "Radiation exposure following the nuclear accident at Fukushima-Daiichi did not cause any immediate health effects. It is unlikely to be able to attribute any health effects in the future among the general public and the vast majority of workers."
Also, "No radiation-related deaths or acute effects have been observed among nearly 25,000 workers involved at the accident site. Given the small number of highly exposed workers, it is unlikely that excess cases of thyroid cancer due to radiation exposure would be detectable."
The score thus far:
The rational world: Infinity
You: Dick
I came here to point this out myself but you beat me too it! Hope all George's accolytes who rushed out to stock up on iodine tablets per his recommendation feel good about their investment.
you can impact the power of the two party system..if you are registered D or R, change your voting reg to a third party if enough of us do this it can bring change, I fear a civil war or massive acts of violence will come if citizens of the USA do not act to deligitimize the current political structure of D and R (one party rule). thank you GW for exposing the corrupt very much in your face elite power criminals..is our current potus legit? how you answer will show what side your on, in your face crimes the king has no clothes writ large.
Last week I saw that someone mentioned a book by Louis Braneis, Other People's Money and How The Bankers Use It. I got it for .99 cents on Kindle. It is a fascinating book. Brandeis's grasp of fraud and corruption is amazing and is spot on accurate even 100 years after he wrote it. It sickens me to see someone as currupt and inept as Holder in a position of power especially when I compare him to a brilliant statesman like Brandeis who actually stood up and used his intellect to protect Americans from TBTJ banks and Bankers.
You may be interested to know that Brandeis was (ironically, given his writings) a key advocate of the Federal Reserve Act, who tirelessly (and effectively) argued its cause to Wilson.
He was also a big-time Zionist; that is to say, a racial supremacist.
I suppose this is where Francis Sawyer reminds us he was a heirophant of fermented lactations, but you won't hear it from me.
Brandies 99 cents / Jamie Dimon 26 Million ( before fines for criminal activity ) .... Stop the madness.
Holder may not realise it but he is hastening the demise of the banks, the government and even society. While many will escape punishment thanks to Holder, I suspect that he himself will not escape justice at some point whether it be divine or human.
I am also starting to understand and appreciate why the Americans are so infatuated with their guns. In fact I am surprised they have not upgraded to bazookas in view of such poor leaders.
His name along with Ashcroft and Gonzalez, in a righteous world, should be held in great disrepute for ages to come.
I've been around long enough to know that many a wise man with money and power are aware of the danger that Holder is putting the world in. It is too serious to let continue.
He is very likely on his way out at this time.
Eric Holder ? Marc Rich, Ruby Ridge, Waco Raid... the list is endless if one has been paying attention to the 3rd world ascension into policy making in the US.
If Holder was a white male, he would have been crucified by MSM long ago.
Holder sang the same" i didn't know anything" about the pardons that Clinton was selling in his last days in office though it was the job of the DOJ to sign off on all pardons. This was his main qualification for reappointment, being totally compliant with corruption.
Who didn't know that Eric Holder was just another 'house negro' long before he joined the Chicago Project team...
GW, OT but thought you would like to be aware of this:
"The sentiment has now been thoroughly reinforced with the recent response to AB351 receiving a resounding vote of 71-1 to defeat the NDAA. And the language is strong and clear:
This bill would prohibit an agency in the State of California, a political subdivision of this state, an employee of an agency or a political subdivision of this state, as specified, or a member of the California National Guard, on official state duty, from knowingly aiding an agency of the Armed Forces of the United States in any investigation, prosecution, or detention of a person within California pursuant to (1) Sections 1021 and 1022 of the National Defense Authorization Act for Fiscal Year 2012 (NDAA), (2) the federal law known as the Authorization for Use of Military Force, enacted in 2001, or (3) any other federal law, except as specified, if the state agency, political subdivision, employee, or member of the California National Guard would violate the United States Constitution, the California Constitution, or any law of this state by providing that aid. The bill would also prohibit local entities from knowingly using state funds and funds allocated by the state to those local entities on and after January 1, 2013, to engage in any activity that aids an agency of the Armed Forces of the United States in the detention of any person within California for purposes of implementing Sections 1021 and 1022 of the NDAA or the federal law known as the Authorization for Use of Military Force , if that activity would violate the United States Constitution, the California Constitution, or any law of this state, as specified."
http://www.activistpost.com/2013/06/california-moves-step-closer-to.html
Interesting. But I wonder how long a soon-to-be bankrupt state can resist the Feds, who are armed with the almighty printing press?
Maybe that's why they passed it in the first place... to give themselves some leverage with DC when the SHTF.
Amen ...
Also (slightly) off topic:
The shooting of Ibragim Todashev: is the lawlessness of Obama's drone policy coming home?Once a state gets used to abusing the rights of foreigners in distant lands, it's almost inevitable it will import the habit
http://www.guardian.co.uk/commentisfree/2013/jun/03/ibragim-todashev-dro...
the people of a little town called Portrero threw out Blackwater, and the sitting head of the Armed Forces Committe, Duncan Hunter, when they tried to "buy" the town in 2005. the people of this tiny town, a few thousand, recalled their planning commission which approved the deal, made by direct appeal through Hunter to the owner of the property. [i thought this was illegal, so i wrote my senator but she demurred]
the new planning commission vetoed the deal. even the normally corrupt county of SD officials who could have approved it through the backdoor, by simply saying it met environmental concerns, did not do so. [my what a few thousand angry people can accomplish] BW promised jobs, one of the executives revealed that most of the jobs were low paying and could be filled with Mexican nationals crossing the border from Tecate.
Hunter later resigned, [amid some other implications connected to the duke cunningham scandal] BW moved the site to NC. and they now call themselves something else, murder incorporated or something
yeah and due to global warming they will soon be called Marshland. how idiotic to assume that something which works in an other than superpower country, something like democracy, or the rule of law, would actually work here. we're a superpower dammit! out decider needs to be able to go to war in the middle of the night without consulting anyone (except his campaign donors). america wake up, do you want some asshole to have the power to start a nuke war in the middle of the night, or do you want a free country, free economy, rule of law.
scary isn't it. how easy for fear to take hold...how left to our own devices we really will believe anything. we need MORE democracy not less...MORE voting districts not less. probably won't go over well in California...minorty rights must be respected. But so do rights period...in particular property rights now that we have the internet. the Statists who think they've found the Holy Grail in the Information Age have discovered in fact the exact opposite. Just ask Turkey. http://www.youtube.com/watch?v=6B2wtC91_0U
Holder is the Attaboy general for the criminal banksters.
Problem is that he does not understand that he is expendable for the bankers.
Problem is that he does not understand that he is expendable for the bankers.
No, he knows it all right. That's why he'll do their bidding right until the end.
Red, white and blue rope.
Please Tyler,
Can you alert the world that the IRS is apparently pestering other people than the Tea Party. I just got of the phone with my US operator since two months (visiting with family, 3 kids the youngest is 11 months). Since Thursday night I am not able to make international calls due to technical issues and I have been promised callbacks from tech/supervisors every day. Tonight when it still had not happened I got a bit upset, the woman (sneaky false bitch) on the other side then said something was fraudulent. I on the other hand said I'm not a kingpin drugdealer just a bit finance dealing but I do have to handle Europe while Im here.
This creature then tells me IRS is involved, I then again explain I am here visiting with spouse, 3 kids younger than 3,5 and I don't see how I can be a TARGET. I ask for a supervisor who just kept the same mantra re investigating tech issues.
If the IRS is now also following foreigners buying simcards without having any business in the US, just visiting for two months due to maternity leave, I think this is beyond control. 1984 is so outdated.....
The operateror is Ultra.me
Again never use them if you are a foreigner visiting the US, or rather I must say the need of visiting the US has dramatically deteriorated.
Tyler make something out of this, its way beyond return if this is true.
Best rgds
This is what corporatism (i.e., fascism) looks like.
If you think this is socialism or communism, I'd like to see your reaction when shown a hole in the ground in contrast with your ass.
I keep trying to tell people the same thing but I guess the political messaging machines in media got their propaganda into peoples' minds first
Corporate fascism controlled by the Criminal Banksters and the Fed has used socialism and communism to enrich themselves.
+1. Absolutely correct. And thank you for making the point. Words mean things, and if we allow the wrong words to be applied to things, we can't have intelligent conversations. If we don't call things by their right names, we can't see what's coming next. This is not accidental, either. The scary thing is, "Socialism," "Communism" and even "Muslim" seem to get a bigger negative reaction from many Americans than "Fascism." And of course, which is the current present danger we face? Again, not a coincidence.
IMO we can get overly tangled up in the various 'isms' when it really comes down to criminal, psychopath, predatory behavior.
The small group of parasites are never bounded by the ideas and ideals of any 'ism' anyway. Thus the top communist party members of the USSR had access to all the western goodies they wanted, while the lowly 'comrades' got to stand in long lines for what little groceries were available. Many big insider corporate execs in the US spout off about 'capitalism' while taking bailouts from the taxpayers.
As for Americans not seeming to be concerned about fascism . . . I doubt that many of them know what it is.
Terrific find on the DOJ memo, GW. Stunning really.
As to this... "Holder is now saying that not only can’t we indict the companies, but we can’t even indict any of the individual criminals at the companies. In other words, Holder is implementing a permanent shield for employees and executives at large institutions."
... the shield actually extends to all former employees too, as we learned from the HSBC abortion of justice:
"HSBC has already sacked all the senior staff involved in the scandal..."
http://www.guardian.co.uk/business/2012/dec/11/hsbc-fine-prosecution-mon...
Holder never explained (nor was he asked by the press) why the DOJ didn't prosecute the culpable ex-employees of HSBC. Since they are outside of the bank, prosecuting them can't possibly fall within the global destabilization theory even accepting it as true (which I flatly do not) just for the sake of argument.
I can think of only one basis for such breadth of immunity, namely, the BIS itself: "officers and employees of BIS 'enjoy immunity from criminal and administrative jurisdiction, save to the extent that such immunity is formally waived . . . even after such persons have ceased to be Officials of the Bank.'"
http://www.investorsinsight.com/blogs/what_we_now_know/archive/2006/03/0...
People who say Obama's job is to destroy the constitution, while correct, don't go far enough. His real job is to destroy the Declaration of Independence, and with it, U.S. sovereignty. HSBC is a case in point, and now it's poised to have a member of its Board of Directors installed as head of the FBI.
All the individuals that were not convicted of any crime just went and got another job. The only thing they lost was a couple of paychecks and retirement benefits. they still had contacts with former clients and insight to their business.
I should add: HSBC is one of the 28 banks that the Financial Stability Board named as "systemically important," meaning they are above the law.
http://www.golemxiv.co.uk/2013/03/twilight-of-justice/
The FSB, headed by Goldmanites from its inception, is the BIS arm tasked with ensuring "global financial stability," which means preserving above all else (including life and law) the wealth of the TBTF bankers.
By the Dark Retards logic I am to big to jail as a sole provider for my wife and chizzen
your wife and children are mine, said the great horned muslim, you're smart enough to vote for me, but that is all.
just teach your children that government is bad, that all government is bad, even your local city council, you take care of you and yours, don't believe like i did that, hey, we're the government and we're here to help, here to help put you in a perpetual daydream, nightmare, then it's too late, you can't make fun of muslims or gays.
The current administration has taken the 'game' to another level; the collusion and corruption blatantly evident in the revolving doors of power and played out before our very own eyes with no recourse possible for ordinary citizens!
If ever a time in history prevailed to Put Up or Shut Up it is NOW.
The public servants (joke) the judiciary (joke), corporates, banksters and media have CONspired successfully to defraud every man and women and robbed every family of the opportunity of a fair and prosperous life through hard work.
This system, this way of life is broken, Kaputt.
SACRAFICES must be made!!!
Obama just handed control of Iraq oil feilds to China after spending 11 years and 4, 500+ troop loss for what?
In other news of treason and illegal wars for profit. . This one beats them all.
http://www.veteranstoday.com/2013/06/03/1st-super-governmental-world-war...
Plans to deindustrialize the US is bigger than you think.
http://theeconomiccollapseblog.com/
what a bunch of crap. full tinfoil armor, either come up with something or accept the full text of the speech
Why don't you use your search bar? Due diligence is the call of the day. I'll throw you this link in for free.
https://www.youtube.com/watch?v=IxqWgfY0814&feature=youtube_gdata_player
MIC RELIEVED the Congress of any further responsibility of oversight of our Department of Defense responsibilities. Rendered cerimonial and irrelevant. Served them with their new war doctrine.
GW: duh????
late to the party, mon frere.
- Ned
Numero 15...
Don't forget his role in the pardon of Marc Rich, the only fugitive every granted a presidential pardon.
http://www.trutv.com/library/crime/notorious_murders/celebrity/marilyn_m...
I wonder what mid-level employee will be sacrificed at the IRS. Brainwashed by the CIA, promised millions and serving only 10 months at a ClubFED, and then mysteriously suicided.
And yet, they're people, right? These corporations and banks? Maybe not ... Texas hasn't executed one yet.
Oh tuddlie doo and tindle winks as well hee-hee.
So the real problem is corporations and banks? Not the scum sucking faggot 'government' that pimps us to them?
It's all shit dude and hitting Texas is a sure sign of sour grapes.
Government worship is the gateway drug to today.
That sounds about right. I am revisiting the energy crisis back in 78 and the rear view mirror is crystal clear now.
Holder was involved in the following appeal:
http://www.cadc.uscourts.gov/internet/opinions.nsf/B0CF5CF02F6813CA85256...$file/96-5082a.txt (you may need to correct the end of the link at end to see the doc. Here is what it should look like. I have no idea why the 3 periods and missing right slash shows up) C1C01/$file/96-5082a.txt
B0CF5CF02F6813CA85256F15006C1C01/$file/96-5082a.txt
Appeals from the United States District Court for the District of Columbia (No. 95cv00952) William J. Mertens argued the cause for appellant. With him on the briefs was Robert V. Zener. Claire Whitaker, Assistant U.S. Attorney, argued the cause for appellee United States Department of Energy. With her on the brief were Eric H. Holder, Jr., U.S. Attorney, and John D. Bates, Assistant U.S. Attorney, both at the time the brief was filed, R. Craig Lawrence, Assistant U.S. Attorney, and Thomas Kemp, Attorney, U.S. Department of Energy. Curtis P. Lu argued the cause for appellee Independent Power Producers of New York, Inc. With him on the brief were W. Harrison Wellford and John C. Marchese. Before: Williams, Ginsburg and Henderson, Circuit Judges. Opinion for the Court filed by Circuit Judge Williams.
!997-2002 are huge dates. Enron morphed into something else.
http://www.salon.com/2001/11/09/enron/
http://www.zerohedge.com/news/2013-04-04/eric-holder-gets-busy-enrons-sk...
Holder is like an attorney for organized crime- he runs interference for them and keeps them from any and all entanglements with the law. He's not the head of law enforcement, he is the head counsel for the criminals.
Found this review recently on the book: Golden Rule: The Investment Theory of Party Competition and the Logic of Money-Driven Political Systems By Thomas Ferguson looks like an interesting read.
This review is from: Golden Rule: The Investment Theory of Party Competition and the Logic of Money-Driven Political Systems (American Politics and Political Economy Series) (Paperback) Review by J. GwinnThomas Ferguson argues the US two party system functions as a mediator between conflicting business interests. Through case studies (primarily the New Deal era) Ferguson persuasively backs his argument.
During the New Deal era, Ferguson contends the Democratic party was controlled by capital intensive "free trade" multinational businesses vs the Republican party which was dominated partly by labor intensive "protectionist" industry.
Who were the multinational interests? (siding with Democrats) Major oil companies/ Rockefeller dominated banking e.g.,standard oil,chase manhatten. General Electric was also a major player.
Who were the labor intensive/protectionist interests? (Siding with Republicans)Textiles,Steel,Domestic oil producers and rubber manufacturers. Capital intensive Chemical industries led by Dupont lobbied for protection due to competition from Germany....Also JP Morgan due to interlocks with certian holding companies which partly separated Morgan Interests from Rockefeller financial interests.
A fascinating study! The capital intensive industries favored labor mediation/social welfare while the labor intensive industries lobbied against. Ferguson follows the paper trail which shows GE interests strongly influencing the creation of the national labor relations board while the Social security act was the brainchild of Rockeller interests. From ferguson's point of view, business reacted to class conflict by creating top down business oriented reforms in reaction to labor unrest.
Much more to Ferguson's research. I highly recommend this book. Don't let the copywrite fool you...Ferguson's work is a timeless classic and will be used as source for years to come.
Tom Hagen in the Godfather?