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Hypocrisy Defined: DOJ's Infamous Lanny Breuer Accuses RBS Of "Stunning Abuse Of Trust"

Tyler Durden's picture




 

We had to reread this DOJ statement on today's RBS wristslap twice, as the hypocrisy was literally mind-blowing: “As we have done with Barclays and UBS, we are today holding RBS accountable for a stunning abuse of trust,” said Assistant Attorney General Breuer.  “The bank has admitted to manipulating one of the cornerstone benchmark interest rates in our global financial system, and its Japanese subsidiary has agreed to plead guilty to felony wire fraud.  The department’s ongoing investigation has now yielded two guilty pleas by significant financial institutions.  These are extraordinary results, and our investigation is far from finished.  Our message is clear:  no financial institution is above the law.

Wow.

We have two questions: i) how is it that Lanny Breuer, the man who was unmasked by the recent humiliating show "Untouchables" as the DOJ mastermind behind not bringing one single criminal case against bankers for fear of "ripple effects" when pursuing justice against TBTF banks still employed by the US government and still on the record after reportedly announcing his resignation two weeks ago? And ii) how does he, of all people, have the gall to even mention "stunning abuse of trust" when his entire public-service career can be summarized as such?

 

 

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Wed, 02/06/2013 - 10:46 | 3219847 EscapeKey
EscapeKey's picture

Our message is clear:  no financial institution is above the law.

Fucking lol.

Right, that's fucking it. I'm off to start an investment bank. The business plan will be to systemically break every law, if money can be made from it, bribe politicians, and therefore only pay very moderate fines when we discover "we're not above the law".

Wed, 02/06/2013 - 10:50 | 3219850 nope-1004
nope-1004's picture

Breuer and Holder:  1 Pic, 2 Thieves.

 

Wed, 02/06/2013 - 10:51 | 3219873 GetZeeGold
GetZeeGold's picture

 

 

Soooo....the liberation of the Muppets has begun?

Wed, 02/06/2013 - 11:05 | 3219925 prains
prains's picture

Il y a du joke

Wed, 02/06/2013 - 12:00 | 3220038 hedgeless_horseman
hedgeless_horseman's picture

 

 

The message is clear, unlimited campaign contributions bribery of law makers is totally legal in the United States and the law-makers are not going to make any laws to change that!  Legal careers and wealth are totally dependent on the whims of these same lawmakers, and the corporations that bribe them, so DOJ lawyers are unwilling to interrupt the gravy train, break up the racket, or go against the Brotherhood.  Conflicts of interest are not an ethical, moral, or legal concern; the message is indeed very clear.

 

"Give me the control of the credit of a nation, and I care not who makes the laws [or, apparently, who enforces the laws]."

 

-Nathaniel Meyer Rothschild

 

"The few who could understand the system (cheque, money, credits) will either be so interested in its profits, or so dependent on its favours, that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests."

 

-Rothschild Bros. of London.

Wed, 02/06/2013 - 14:26 | 3220651 Mudduckk
Wed, 02/06/2013 - 15:03 | 3220806 Joe Davola
Joe Davola's picture

I pray for new leaders.

Wed, 02/06/2013 - 16:16 | 3221075 hedgeless_horseman
hedgeless_horseman's picture

 

 

I pray for no leaders.

I pray for representatives.

Wed, 02/06/2013 - 11:07 | 3219930 Joe Davola
Joe Davola's picture

I'll bet Kai's a natural born citizen - of the Universe!

Wed, 02/06/2013 - 11:18 | 3219965 Hugh_Jorgan
Hugh_Jorgan's picture

How about "no man is above the law"? Oh yeah, sorry... that idea is old fashioned stuff that the DOJ has tossed out along with the US Constitution.

Wed, 02/06/2013 - 11:33 | 3220030 ParkAveFlasher
ParkAveFlasher's picture

Kai for Fed Governor.  Some men are hawks, others doves, but this guy is a DRAGON.

Wed, 02/06/2013 - 11:36 | 3220048 The Limerick King
The Limerick King's picture

 

 

We live in a world of deceit

Controlled by the Klepto-Elite

Where minions like Breuer

Arise from the sewer

To suck from their master's black teat

Wed, 02/06/2013 - 12:05 | 3220137 prains
prains's picture

golf clap LK

Wed, 02/06/2013 - 13:02 | 3220351 thewhitelion
thewhitelion's picture

See, now I would have ended with "black cock."  Hats off to you Limerick King.  (And there will be no competition coming from me.)

Wed, 02/06/2013 - 13:20 | 3220418 nope-1004
nope-1004's picture

I would have ended with "The Masters' black teet", meaning Obummer.

But very well done LK.

 

Wed, 02/06/2013 - 11:21 | 3219979 FoeHammer
FoeHammer's picture

He could give JPM the ax.

Wed, 02/06/2013 - 13:16 | 3220398 rqb1
rqb1's picture

we should, thanks for the link

Wed, 02/06/2013 - 16:57 | 3221235 H E D G E H O G
H E D G E H O G's picture

Hey Larry, grab Erics head, along with yours, and re-insert them as far up your ASS as possible! WE ARE TIRED OF YOU, HIM, AND ALL THE REST OF YOU SHIT EATERS!!!!!!!!!!!!!!!!!!!!

Wed, 02/06/2013 - 10:50 | 3219868 Killtruck
Killtruck's picture

Maybe it's just a nosebleed.

Or maybe it's an hyporcrisy-induced aneurysm.

Wed, 02/06/2013 - 10:52 | 3219878 Eireann go Brach
Eireann go Brach's picture

Duhhh..he got promoted up Tyler! That's how it works now in Amerika, incompetence coupled with an ability to lie well gets you moving up in today's gubbmint!

Wed, 02/06/2013 - 11:10 | 3219934 Rainman
Rainman's picture

Agree...now watch for that sack o' shit  Placeholder to be promoted to one of the inevitable SCOTUS openings.  

Wed, 02/06/2013 - 10:54 | 3219889 resurger
resurger's picture

For the TBTF financial institutions being above the law is a prerogative ...

carry on, nothing to ses here.

Wed, 02/06/2013 - 11:14 | 3219952 HoaX
HoaX's picture

Can´t upvote if you start your comment in Italics, anyway +1 from me.

Wed, 02/06/2013 - 11:17 | 3219963 philipat
philipat's picture

It is, I am sure, just a coincidence that all the Banks with problems are non-US Banks. We all know that the US Banks are all just doing God's work??

Wed, 02/06/2013 - 11:19 | 3219972 caconhma
caconhma's picture

<no financial institution is above the law>  I did not know we have stinking laws. I am confident we are already living in a post-law society. God bless Obama oand his Central Banks puppeteers.

Wed, 02/06/2013 - 11:22 | 3219983 jcaz
jcaz's picture

It's VERY clear- while no institution is above the law, the individuals hiding within the institution are.....

Sweet gig

Wed, 02/06/2013 - 11:24 | 3219993 Voice_Of_Unreason
Voice_Of_Unreason's picture

Our message is clear: no foreign financial institution is above the law. Homegrown financial institutions are too far up the Bernank's ass for us to reach ...

Wed, 02/06/2013 - 11:30 | 3220020 philipat
philipat's picture

Must be an echo in here (10;17)??

Wed, 02/06/2013 - 11:41 | 3220068 Winston Churchill
Winston Churchill's picture

No British bank is above the law.

Wed, 02/06/2013 - 14:28 | 3220663 sgt_doom
sgt_doom's picture

Ah, but nobody has yet seen his disclaimer:

Exceptions:  JPMorgan Chase, Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, Deutsche Bank, UBS, Credit Suisse FB, Barclays, Blackstone Group, Citadel, KKR, Carlyle Group, Perseus, Silver Lake, and Silvio's Secret Bank of Italy.....

Wed, 02/06/2013 - 10:47 | 3219849 buzzsaw99
buzzsaw99's picture

"I am shocked — shocked! — to find criminal fraud going on in here." "Your winnings, sir." "Oh, thank you very much."

Wed, 02/06/2013 - 10:47 | 3219851 SWCroaker
SWCroaker's picture

Um, 'cause he composes such luvly sound bites, which was criteria #1 for filling his role @ DOJ?

Wed, 02/06/2013 - 11:03 | 3219918 pods
pods's picture

I would happily do time for strangling him with Lando's entrails.

pods

Wed, 02/06/2013 - 10:47 | 3219853 Savyindallas
Savyindallas's picture

Simple -he's obviously about to go work for an RBS competitor  -making millions. No secret here.

Wed, 02/06/2013 - 10:49 | 3219863 GMadScientist
GMadScientist's picture

Bollinger for everyone! <clink>

Wed, 02/06/2013 - 10:49 | 3219867 EscapeKey
EscapeKey's picture

It's good that "Chinese Walls" are in place, or you'd think it's systemic corruption.

Wed, 02/06/2013 - 10:49 | 3219859 GMadScientist
GMadScientist's picture

I'm pretty sure Holder is an ET with a bad Halloween mask.

Pretty sure.

Wed, 02/06/2013 - 10:48 | 3219860 williambanzai7
williambanzai7's picture

What sized noose do you wear:?

Wed, 02/06/2013 - 10:50 | 3219869 GMadScientist
GMadScientist's picture

XXXXXXXL.

You?

Wed, 02/06/2013 - 11:00 | 3219905 Dr. Engali
Dr. Engali's picture

I was thinking more along the lines of a Columbian necktie.

Wed, 02/06/2013 - 11:16 | 3219960 Budd aka Sidewinder
Budd aka Sidewinder's picture

Maybe one of Mandela's necklaces??

Wed, 02/06/2013 - 10:49 | 3219864 resurger
resurger's picture

Fucking hypocrite ...

Wed, 02/06/2013 - 10:49 | 3219866 Lost Wages
Lost Wages's picture

I think we all know the answers to these questions. He's a well-behaved crony and a friend to the Empire. If this were England he'd be Knighted.

Wed, 02/06/2013 - 10:50 | 3219872 Cognitive Dissonance
Cognitive Dissonance's picture

We ain't seen nuttin' yet.

As this mess unravels what we think is unbelievable today will be matter of fact tomorrow.

Wed, 02/06/2013 - 11:02 | 3219913 TotalCarp
TotalCarp's picture

Mr Cog, stop teasing! tell us now!

Wed, 02/06/2013 - 11:22 | 3219966 Cognitive Dissonance
Cognitive Dissonance's picture

Those dead children in that Charlottesville, Virginia elementary school our Drones 'accidently' bombed hated our freedom. 

<Besides, half of them were on welfare so we just cut the deficit by $798B over the next 80 years.>

/sarc just in case it wasn't obvious

Wed, 02/06/2013 - 14:30 | 3220670 sgt_doom
sgt_doom's picture

I just briefly caught the clip this AM about restructuring at the USPS, so I'm not sure who the flaccid looking fat guy giving the speech was (Post Master General???), but his great phrase of the day was:

"Free isn't good!"

 

Wed, 02/06/2013 - 11:02 | 3219884 mendolover
mendolover's picture

How do these motherfuckers look at themselves in the mirror?  Is there a degree in being a lowdown dirty lying rat or something?  Holy shit!  You watch Brewer lie through his fucking teeth and wonder how does he do it?  There must be a med that makes you a soulless fucking psychopathic scumbag or something!  This is surreal!

Martin Smith nails him to the wall (you would think) and Brewer just breezes right through the interview.  Soulless!!!!

Well spent sixty minutes if you can keep from throwing something at the TV;

http://www.pbs.org/wgbh/pages/frontline/untouchables/

Wed, 02/06/2013 - 11:14 | 3219953 CrimsonAvenger
CrimsonAvenger's picture

How do they live with themselves? Probably goes a little something like this:

http://www.youtube.com/watch?v=GO0JaecRWy0

Wed, 02/06/2013 - 11:28 | 3220017 FeralSerf
FeralSerf's picture

Kosher Nostra.  Might makes right and never give a sucker an even break.

Wed, 02/06/2013 - 11:44 | 3220078 NuYawkFrankie
NuYawkFrankie's picture

Re How do these motherfuckers look at themselves in the mirror? 

Easy - there's no reflection.

Wed, 02/06/2013 - 14:34 | 3220692 sgt_doom
sgt_doom's picture

"How do these motherfuckers look at themselves in the mirror?"

Seriously, I'll attempt to answer your interrogative.

It's in the genes:  if an estimated 1 in 200 men are direct descendants of Genghis Khan, a dood who had no difficulty in looking into the mirror, and if similar genetic patterns hold true (but to a lesser extent since Genghis was such a "successful" conqueror) for other murderous and power-mad types, then think of what we are experiencing today to simply be the natural social selection (as in rape, pillage and castration) outcome.

http://blogs.discovermagazine.com/gnxp/2010/08/1-in-200-men-direct-descendants-of-genghis-khan/

The greatest joy for a man is to defeat his enemies, to drive them before him, to take from them all they possess, to see those they love in tears, to ride their horses, and to hold their wives and daughters in his arms.  --- Genghis Khan

Wed, 02/06/2013 - 10:53 | 3219886 schatzi
schatzi's picture

To add insult to injury, I found out today that a family trust on Jersey has been plundered by an RBS manager who went into denial. After having delivered the documents RBS has initiated a criminal investigation. I am seriously pissed off. Right now I'd like nothing more than a combination of that trusted banker, a rope and a tree.

Wed, 02/06/2013 - 10:56 | 3219887 Catullus
Catullus's picture

Everything written by a federal prosecutor is 80% pure fantastical bullshit. Like weapons grade bullshit. Bullshit so resplendent that it blots out the sun.

Someone send them an instructional video identifying asses from elbows, please.

Wed, 02/06/2013 - 11:20 | 3219973 Bob
Bob's picture

Bill Black lays out in exquisite detail how the DOJ and Breuer communicated their Too Big To Jail policy to banksters as a prescription for doing "business":

http://neweconomicperspectives.org/2012/09/fiat-justitia-breuer-fires-blanks-on-elite-financial-frauds.html

Wed, 02/06/2013 - 10:54 | 3219890 Mrmojorisin515
Mrmojorisin515's picture

duh, his chance to redeem himself in the eyes of his cronies

Wed, 02/06/2013 - 11:03 | 3219914 toady
toady's picture

Exactly.

If they were hoping he would go back to 'nameless face-in-the-crowd' status they put him back out there way too soon.

Wed, 02/06/2013 - 10:57 | 3219900 Dr. Engali
Dr. Engali's picture

No financial institution is above the law? What a joke. They make the laws. This whole damn thing is maddening sometimes. These bastards are stealing trillions and the sheep are pissed because the guy next store is collecting food stamps. 

Wed, 02/06/2013 - 11:03 | 3219917 resurger
resurger's picture

Oh! I have mis read the the ten commandments, i thought it said "You shall steal"?!

Sorry my bad.

Wed, 02/06/2013 - 11:04 | 3219919 EscapeKey
EscapeKey's picture

Not just financial institutions.

Here in the UK, the Office of Fair Trading delivered a report essentially saying that the "UK market for petrol is competitive, and working well", despite it being commonly known that it's a giant cartel, which always raise price at the pump the minute Brent adds a dollar, but when Brent declines, it'll often take 2-3-4 weeks before a similar decrease at the pump can be observed.

Also, when driving through Europe, you actually have real competition at the pump. Go somewhere, and it's 10p cheaper than elsewhere. Here in the UK? "Competition" is a 1-2p price difference, if that.

But obviously, our market is "working well". What a load of fucking cockshit.

Wed, 02/06/2013 - 11:21 | 3219977 IridiumRebel
IridiumRebel's picture

nw word: cockshit

I like it.

Wed, 02/06/2013 - 15:59 | 3221006 thisandthat
thisandthat's picture

So the UK=Portugal, then...

Wed, 02/06/2013 - 11:02 | 3219909 FunkyOldGeezer
FunkyOldGeezer's picture

Does this include the CFTC? How long has that Silver investigation been going on for now?

Wed, 02/06/2013 - 11:04 | 3219921 holdbuysell
holdbuysell's picture

Let's see here...I'm looking up the definition of 'hypocrite' in the Webster's....oh look at this: a picture of Breuer. Who woulda thunk it.

Wed, 02/06/2013 - 11:05 | 3219923 mendolover
mendolover's picture

STUNNING ABUSE OF TRUST!

Wed, 02/06/2013 - 11:08 | 3219933 dbTX
dbTX's picture

Does Jon Corzine or M F Global ring a bell?

Wed, 02/06/2013 - 11:12 | 3219942 GetZeeGold
GetZeeGold's picture

 

 

Nothing comes to mind.

Wed, 02/06/2013 - 11:09 | 3219936 yogibear
yogibear's picture

So why is the Depart of Jokers (DOJ) going after S&P and not Moody's or Fitch? They rated companies the same way back in 2008.

Wed, 02/06/2013 - 11:27 | 3220011 Meat Hammer
Meat Hammer's picture

A reporter asked that very question to a DOJ handler yesterday.

His answer: "We can't comment on that."

 

Wed, 02/06/2013 - 19:24 | 3220901 thisandthat
thisandthat's picture

 

 

Wed, 02/06/2013 - 11:11 | 3219938 toomanyfakecons...
toomanyfakeconservatives's picture

Steal a thousand, go to jail.

 

Steal a billion, go to Washington.

Wed, 02/06/2013 - 13:13 | 3220386 waterhorse
waterhorse's picture

Steal trillions?  Rule the global economy.

Wed, 02/06/2013 - 16:31 | 3221133 toomanyfakecons...
toomanyfakeconservatives's picture

Yes... until the BRICs alliance pisses on your parade.

Wed, 02/06/2013 - 11:11 | 3219941 Frank N. Beans
Frank N. Beans's picture

i thought he got fired a couple weeks ago

Wed, 02/06/2013 - 11:13 | 3219948 Meat Hammer
Meat Hammer's picture

When the shit begins to hit the fan and the people start asking questions, the government will point to stories like this to say that they are already bringing those evil bankers to justice, but unfortunately, a bit too late to prevent the damage those bastards caused.  Then they'll tell us that they're doing hard time in federal pound-me-in-the-ass prison as they're actually pounding teenage ass at some resort in Thailand, paid for by you, Joe Fuckface Taxpayer.

Oh, and by the way, Joe Fuckface, we're going to need to raise your taxes to help repair the damage they caused.  You are a patriot, aren't you?

Wed, 02/06/2013 - 11:22 | 3219981 Zen Bernanke
Zen Bernanke's picture

You ask how?  You said it, hypocrisy.   Anything is possible when politicians and the media are both in your pocket.  This is a pathetic mockery of a formerly great DOJ.

Wed, 02/06/2013 - 11:36 | 3220044 GolfHatesMe
GolfHatesMe's picture

When will the Hipocracy Tsunami end?  Moving from daily to hourly. 

Wed, 02/06/2013 - 11:24 | 3219994 highwaytoserfdom
highwaytoserfdom's picture

Leges sine moribus vanae

(Laws without morals are in vain)

 

Just one of those things  power cabal never lives by.  Unfortuantly the interventionist  will get blow back... What type I don't know but suspect some sort of Sharia where the crime, political and economic controls will swing to extreems.

 

Columbian necktie won't work  you need to use a Guillotine on the cabal of bad actions and ideas proped by selself serving criminals.

Wed, 02/06/2013 - 12:02 | 3220008 Bob
Bob's picture

Bill Black as a witness against Breuer five months ago:

http://neweconomicperspectives.org/2012/09/fiat-justitia-breuer-fires-blanks-on-elite-financial-frauds.html

Spitzer thrashes him as a gangster buttboy while Breuer stammers and sweats on teevee a year ago . . . and Mary Jo White defends sucking bankster dick (what a panel):

http://www.c-spanvideo.org/program/304321-1

This is the best look I've seen at either Breuer or White.  Spitzer is brilliant here.

Wed, 02/06/2013 - 11:27 | 3220010 moneybots
moneybots's picture

"Our message is clear:  no financial institution is above the law.

 

LIAR

 

William Black said the banking fraud was 70 times larger than the Savings and Loan fraud.  No one has been criminally prosecuted.  They are alll above the law.

Wed, 02/06/2013 - 11:37 | 3220053 GolfHatesMe
GolfHatesMe's picture

They are actually Outside the law.  Not above it.

Wed, 02/06/2013 - 14:18 | 3220619 hidingfromhelis
hidingfromhelis's picture

They are the law.  Get in their way, and their minions in government will crush you.  That's about the only way a prosecution of any sort takes place these days.  Speak out or provide evidence against corruption?  Well, there's another opportunity for prosecution.  See?  This justice stuff is easy!

Wed, 02/06/2013 - 11:29 | 3220022 Meat Hammer
Meat Hammer's picture

Is it any wonder why they're trying to disarm us?

Wed, 02/06/2013 - 11:39 | 3220028 Widowmaker
Widowmaker's picture

Hey Lanny.  Shut the fuck up and prosecute the suits.  Executives on a platter or you are a fucking coward of the abortion you call "justice."

Widowmaker's fortune for Breuer -- No criminal convictions of decisionmakers, no wrongdoing, and settlement for pips on the dollar.

Don't forget the record bonuses now that all the bodies have rotted.

Wed, 02/06/2013 - 11:35 | 3220039 tradewithdave
tradewithdave's picture

Let me be perfectly clear (burp)... Pass the blackberry Ripple please.

Wed, 02/06/2013 - 11:40 | 3220062 Apocalicious
Apocalicious's picture

Hey, dat's a nice bank ya got dere. Be a shame if sumptin bad happens to it.

Wed, 02/06/2013 - 11:41 | 3220067 Vooter
Vooter's picture

"We will investigate them, and then--I swear to God--we will YELL AT THEM!!!"

Wed, 02/06/2013 - 14:17 | 3220612 hooligan2009
hooligan2009's picture

heh...stop it...that is funny and sad at the same time

Wed, 02/06/2013 - 11:49 | 3220089 Miss Expectations
Miss Expectations's picture

"As we have done with Barclays and UBS, we are today holding RBS accountable for a stunning abuse of trust."

“A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear. The traitor is the plague.”

Cicero

Wed, 02/06/2013 - 12:02 | 3220103 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

http://neweconomicperspectives.org/2012/09/fiat-justitia-breuer-fires-bl...

Comment on this article got me thinking (and that is a bad thing).

Perhaps people should organize a citizen’s court, and try suspects in absentia. Conduct the trials according to the highest legal standards possible given the circumstances. The results will not be viewed as binding. But perhaps the publicity will embarrass the government into action.

Another option would be to wait until the silly election season is over, when no one will be paying attention, and then begin a movement to impeach Holder and his associates.

 

This is where those anonymous people and insiders come in. I'm sure we have plenty of frustrated legal people who read here that can assist. Open information, open court, show up the hypocrisy and fraud, which in turn justifies the lynch mob.

Wed, 02/06/2013 - 12:15 | 3220173 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Bring the cases to public court and convict based upon the standards of law and justice that they are supposed to use. Let the public decide if you can prove indisputably then scream for impeachment, protest while court is in session (within the laws). If nothing happens then you've proved beyond a shadow of a doubt the system is done and time for the guns, pitch forks, torches and ropes and time to stir shit up in a big way.

 

Sounds like a plan if I've heard one.

Wed, 02/06/2013 - 13:01 | 3220349 Clesthenes
Clesthenes's picture

Dewey, you suggest that “people should organize a citizen’s court” et cetera.

We certainly can’t depend on those who perpetrate grievances to hang or drown themselves.

However, instead of a “citizen’s court”, legal grounds would be far more solid if people would organize assemblies for the purpose.

An assembly, for our context, “is a body of private men who exercise sovereign power over a particular territory.”

In the English/American colonies they were town and county meetings, state conventions/assemblies, and Continental Congresses; in England, they were town and county meetings and parliaments.

An assembly is, at once, the supreme court, the organ that raises a militia and the money to finance it; it has the power to send and receive ambassadors, to make treaties – anything within its power.

The American Revolution was powered by a network of hundreds of assemblies.

In every land and every age, every habitable acre has been dominated by such assemblies.  They have gone by many names: elders, priesthoods, witch doctors, army, land holders, merchants, bankers – the list goes on.

Americans have lost the knowledge that was common among, and used daily, by English colonists from Jamestown to Yorktown – and have nearly become a mass of rotting slaves as penalty for their apathy and ignorance – the ultimate insult.

Wed, 02/06/2013 - 11:57 | 3220108 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

http://neweconomicperspectives.org/2012/09/fiat-justitia-breuer-fires-bl...

I'm sorry for the long post but this article is just too good not paste in full and besides most people don't follow the links anyways so this for added visibility.

 

Fiat Justitia? Breuer fires blanks on elite financial frauds Posted on by | 20 Comments

By William K. Black

Beurre blanc is the classic white butter sauce of France.  Americans who hate the French claim that they became adept at saucing to cover up the rot in their meat in earlier times.  A beurre blanc does not remove the rot.  It masks the bad taste and the bad color of bad meat.  Indeed, the sauce makes the dish even less healthy.  If the rotten meat doesn’t get you, the sauce’s cholesterol will.

 

“Breuer blanc” is the classic white butter sauce served by the increasingly oxymoronic Justice Department to cover up the rot in elite American banksters.  Lanny Breuer runs the Criminal Division during the continuing cover up of the greatest and most destructive epidemic of elite white-collar crime in our history.  The ingredients of “Breuer blanc” consist of a generous portion of inaction and a large dollop of hypocrisy all emulsified with esters of excuse.

The last three administrations have found the bouquet of the financial industry’s political contributions so delectable that they have allowed elite financial firms and their senior officers to commit fraud with near impunity.  Prosecutions, even serious investigations employing grand juries, of the elite bankers who became wealthy by causing the ongoing crisis have become so rare that Breuer is firing “blancs” at the most elite frauds.  The results of Breuer blanc have been catastrophic.   The Clinton, Bush, and Obama administrations (and Congress) catered to elite bankers so unctuously that they created the most criminogenic environment for financial fraud in history.  The fin de siècle feast that the Clinton and Bush administration served up to produce the crisis exemplified the elite degeneracy that the French have always ascribed to the end of an era.  The element of hope, however, that the French also ascribe to the new era was quickly betrayed by the Obama administration.  The audacity of hope soon curdled into a spoiled and broken Breuer blanc slathered over the rot of the elite banksters to cover up their frauds.

Breuer is the very model of the modern chef de cover up so he has deconstructed the criminal justice system to the point that it no longer applies to the banksters who caused the crisis.  Breuer and Attorney General Holder specialize in serving the American people tripe and confit de canard.  Breuer blanc has been slathered on so many of Holder’s hors d’œuvre that the Justice Department has been rendered hors de combat when it comes to the banksters. 

Wed, 02/06/2013 - 11:58 | 3220112 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

It was a travesty and a national tragedy that Holder and Breuer (and their predecessors) have failed to do their duty to hold the banksters accountable.  It is beyond comprehension that Breuer is bragging about his failure to prosecute elite corporate frauds.  On September 13, 2012, Breuer spoke to an audience of New York City attorneys who function primarily to maximize the wealth and political power of corporate CEOs – even when they do so at the corporation’s expense.  See Looting: the Economic Underworld of Bankruptcy for Profit (George Akerlof and Paul Romer, 1993).  The CEO, not the “corporation,” hires and fires big law firms and the CEO’s interests are frequently hostile to the interests of the corporation’s shareholders and creditors.  Breuer was at his most obsequious in front of his NYC peers.

Holder and Breuer became wealthy by doing the bidding of the world’s wealthiest and most powerful CEOs when they were at Covington & Burling.  The CEOs deploy them as apex predators – and they are famously vicious or charming, whatever is required, in their role as counsel representing the CEO’s interests.  Holder and Breuer will soon return formally to that status.  It is an odd role, for the lawyer must be reliably tame in serving the CEO’s interests and willing to be reliably vicious if necessary when attacking anyone that stands between the CEO and wealth, ego, and power maximization.  It is an extremely lucrative role and such lawyers are considered to be the profession’s elite by their peers.

I started my professional career in the typical large law firm.  It was pure luck that I began representing the Federal Home Loan Bank Board (one of the larger clients of our Washington, D.C. office) and was asked by the agency to join them as their Litigation Director.  This, indirectly, led to me eventual working for a very fine chief agency counsel, Harris Weinstein – who came from and returned to Covington & Burling.  It is not inevitable that lawyers from large firms who often served as defense counsel for CEOs will be weak in enforcing the law.  OTS Director Tim Ryan chose Weinstein as his chief agency counsel because he knew that Weinstein was tough and competent.  Unfortunately, Holder and Breuer have proved to be nothing like Weinstein.

Breuer was likely more candid than usual in his speech given his specialization in canards because he was delivering such a safe message to such safe audience of lawyers so much like him.  He decided to serve them as a lagniappe an amuse-bouche perfectly crafted to his audience’s taste.  He explained to them how to give him an excuse to refuse to bring meritorious prosecutions of their clients’ elite corporate crimes.

First, however, he served more canards and tripe.

“Since 2009, my team and I have changed the [Criminal] Division in significant ways – bringing in new, energetic leadership in virtually all of our sections, and prosecuting the highest-impact cases in the country.

In particular, and relevant to the subject of my remarks tonight, we have dramatically ramped up our white collar criminal enforcement efforts – an aspect of our work that I care deeply about, and that is now more important than ever.”

The reality is that prosecutions of financial fraud fell dramatically under Bush and declined further under Obama.  Breuer has not indicted a single elite Wall Street bankster whose frauds drove the crisis.  I have been unable to find evidence that he has even conducted grand jury investigations of the elite banksters who drove the crisis.  (Grand juries are secret, but they generally become public because the witnesses can disclose their existence.)  Even if a few grand jury investigations of the Wall Street banksters have occurred, there cannot have been more than a handful of investigations worthy of the name.  I know of none, and that includes Countrywide, WaMu, IndyMac, Lehman, Merrill Lynch, Goldman, the huge mortgage banks, and Citicorp.

The best that Breuer could come up with was Lee Farkas, the “mastermind” of a crude fraud discovered by Fannie Mae a decade ago shortly after it began.  Farkas was not prosecuted for the frauds he committed that contributed to the crisis, but for unsuccessfully trying to rip off TARP.  The prosecution occurred because SIGTARP discovered the fraud and made the criminal referral.  Breuer knows that criminal referrals have virtually ceased from the banking regulatory agencies because their leadership was selected to lead a competition in regulatory laxity.  Breuer knows that mortgage fraud, led by our most elite financial institutions, drove the crisis.  Breuer has done nothing to reestablish the banking regulators’ criminal referral process as a national priority.  Breuer did not even put the banking regulatory agencies on the task force he created and appointed Mr. Schneiderman to lead – a task force that has leaked its intention not to prosecute.

“I have said before that the strongest deterrent against corporate crime is the prospect of prison time for individual employees – and we do not hesitate to seek long sentences when circumstances warrant. Lee Bentley Farkas, the former chairman of Taylor Bean & Whitaker, which was one of the largest private mortgage lending companies in the country, is serving a 30-year prison sentence for having masterminded a nearly $3 billion bank and securities fraud.”

We can agree that prosecuting the CEOs who grew wealthy by leading the accounting control frauds that drove the crisis would be “the strongest deterrent” and that the last three administrations have failed to prosecute the CEOs leading our financial accounting control frauds.  It was the lenders and their agents who overwhelmingly put the lies in liar’s loans.  No honest lender would make liar’s loans.  By his own standard, Breuer (and his predecessors) failed utterly to employ “the strongest deterrent” against the largest and most destructive fraud in history.

Private counsel for homeowners, at very small firms, produced the admissions under oath, demonstrating that several of the largest mortgage servicers routinely filed false affidavits – roughly one hundred thousand times annually.  The Obama administration led the effort to give the banks effective immunity from prosecution for these felonies – all without admissions of guilt in the settlements.

The Criminal Division has never been confronted with so many and so destructive elite white collar frauds.  The Division has never failed so utterly to prosecute such elite frauds.  It is true that Bush’s Department of Justice was also a disaster, but that is no defense of Breuer blanc.

Wed, 02/06/2013 - 11:59 | 3220115 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Breuer’s next served up the canard that was the focus of his speech.

“Tonight, I want to focus on one aspect of our white collar criminal enforcement in particular: the use of deferred prosecution agreements, or DPAs. Over the past three-and-a-half years, the Department of Justice has entered into dozens of DPAs, and non-prosecution agreements, or NPAs. I’ve heard people criticize them and I’ve heard people praise them. What I’m here to tell you, is that, along with the other tools we have, DPAs have had a truly transformative effect on particular companies and, more generally, on corporate culture across the globe.

Prosecutors faced a stark choice when they encountered a corporation that had engaged in misconduct – either indict, or walk away.  [O]ver the last decade, DPAs have become a mainstay of white collar criminal law enforcement.

The result has been, unequivocally, far greater accountability for corporate wrongdoing – and a sea change in corporate compliance efforts.”

Breuer’s claim is preposterous.  Here are key facts that show he is serving us tripe.  First, he is correct that we have just run an experiment for over a decade – we no longer typically prosecute elite U.S. corporations that commit felonies.  We have dramatically reduced financial fraud prosecutions and in the cases where the Criminal Division still troubles a felonious corporation it typically negotiates a DPA, or more pathetic still, a NPA.  A DPA rarely leads to a prosecution of the corporation, so it too is really an agreement not to prosecute.  DPAs and NPAs are primarily used for non-elite corporations, so when Breuer claims “dozens of DPAs” one should not assume that his Criminal Division is taking on vigorously fraudulent elite corporations, particularly elite U.S. corporations that commit felonies.

Far from proving that DPAs caused a “sea change in corporate compliance,” a December 2009 GAO study found that the Justice Department did not collect data on DPAs until 2009, had no performance measures for “corporate compliance,” and had no reliable information on purported improvements in corporate compliance.

Studies by the Big 4 audit firms and Transparency International have documented increased corporate illegality and corruption in the U.S. during this century.

Breuer’s claim that “DPAs have had a truly transformative effect on particular companies and, more generally, on corporate culture across the globe” may have been conclusively proven.  As he admits, DPAs have been the Justice Department’s “mainstay” response to elite corporate crime for over a decade.  During that period, we have suffered repeated, intensifying control fraud epidemics by our most elite corporations, as have many nations.   There has been a “transformati[on] … [in] corporate culture” – for the worse.  I do not believe that DPAs are the primary cause of that transformation, but by greatly reducing the risk of real prosecutions they have made the world more criminogenic and encouraged the continuing degradation of corporate culture.

The scary aspect of this quotation is that Breuer may believe it.  He may actually believe that over the course of this new century there has been a positive “transformati[on] … [in] corporate culture” and that not prosecuting elite U.S. corporations that commit felonies caused the transformation that produced this Golden era of corporate integrity we now enjoy.  If he believes that the global corporate culture has improved dramatically over the course of this century Breuer is delusional and his delusions make it impossible for him to avoid abject failure as head of the Criminal Division.

Wed, 02/06/2013 - 12:01 | 3220121 Dewey Cheatum Howe
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Solely in the interest of reducing length I will not explain why Breuer’s claim that non-prosecution through a DPA is really equivalent to prosecution is a tasteless canard and move instead to Breuer’s amuse-bouche.  Breuer served up a roadmap for defense counsel to follow in order to excuse corporate felons from prosecutions that Breuer knows to be meritorious.

“To be clear, the decision of whether to indict a corporation, defer prosecution, or decline altogether is not one that I, or anyone in the Criminal Division, take lightly. We are frequently on the receiving end of presentations from defense counsel, CEOs, and economists who argue that the collateral consequences of an indictment would be devastating for their client. In my conference room, over the years, I have heard sober predictions that a company or bank might fail if we indict, that innocent employees could lose their jobs, that entire industries may be affected, and even that global markets will feel the effects. Sometimes – though, let me stress, not always – these presentations are compelling. In reaching every charging decision, we must take into account the effect of an indictment on innocent employees and shareholders, just as we must take into account the nature of the crimes committed and the pervasiveness of the misconduct. I personally feel that it’s my duty to consider whether individual employees with no responsibility for, or knowledge of, misconduct committed by others in the same company are going to lose their livelihood if we indict the corporation. In large multi-national companies, the jobs of tens of thousands of employees can be at stake. And, in some cases, the health of an industry or the markets [is] a real factor. Those are the kinds of considerations in white collar crime cases that literally keep me up at night, and which must play a role in responsible enforcement.”

I’ll limit my response to four points.  First, the head of the Criminal Division feels the need to “stress” that he will not “always” refuse to prosecute corporations that commit felonies.  He is giving defense counsel a roadmap on how to shape their arguments to allow corporate felons to escape indictment.  Breuer and Holder need to resign forthwith and be replaced by prosecutors.

Second, Breuer has “heard … predictions that a … bank might fail if we indict.”  Since he has failed to indict banks this means that he failed to prosecute banks that committed felonies because the defense predicted the bank “might fail if we indict.”  We put thousands of banks and S&Ls through receiverships in the 1980s and early 1990s and made the industry far healthier.  If the bank is insolvent or cannot raise the minimum required capital it should be put into receivership because it is in an unsafe and unsound condition.  Very few receiverships result in liquidation.  We typically sell, with federal financial assistance, the failed bank to an acquirer.  Banks have deposit insurance.  They virtually never fail due to runs, particularly irrational runs on healthy banks.  So the “sober” “prediction” that the bank would (1) fail if indicted and (2) that the bank is actually healthy and should not be placed in receivership would be rejected by any competent financial regulator.  Breuer fell for the “prediction” – hook, line, sinker, rod, reel, and the boat he rowed in on.

Third, “innocent” employees are a red herring.  There are often collateral effects of criminal prosecutions, including blue collar crimes.  The blue collar felon’s family is typically innocent and the consequences of prosecuting the felon are often severe for the family.  Prosecutors routinely indict blue collar felons in such circumstances.

Blue collar defendants never hire economists and elite lawyers, Breuer never personally listens to their pleas not to indict, and their pleas not to indict do not “literally keep [Breuer] up at night.”  The statue symbolizing the Justice Department wears a blindfold to indicate that justice is given to all regardless of class, but surely no one expects Holder and Breuer to take that symbol seriously, particularly in Breuer’s sleep-deprived state.  Breuer’s solicitude for elite corporate felons “literally keep[s] [him] up at night.”  (Besides, Ashcroft hid the Justice Department statue behind a screen because he was offended that by the Lady Justice’s exposed breast.)

Breuer’s argument allows large corporations that commit felonies to escape indictment by holding their innocent employees hostage.  Note that his argument greatly favors the largest corporations, making them too big to indict.  A similar argument is made against corporate income taxes.  We dare not tax corporations lest they move elsewhere, which would harm the innocent poor who wash dishes in the Manhattan restaurants frequented by the wealthy.

Fourth, note that Breuer says that he may refuse to bring prosecutions he knows to be meritorious because he fears the impact on “the health of an industry or the markets.”  This is grotesquely improper, particularly since Breuer admits that he relies on “economists’” (and Geithner’s?) claims about such alleged impacts.  One of the most common reasons that an industry becomes “[un]health[y]” is because control fraud triggered a Gresham’s dynamic in which bad ethics drove good ethics out of industries and professions.  The control frauds deliberately created Gresham’s dynamics in order to produce “echo” fraud epidemics in other industries and professions (such as mortgage brokers and appraisers).

Wed, 02/06/2013 - 12:46 | 3220289 IamtheREALmario
IamtheREALmario's picture

Quite obviously it is better that a few innocent employees suffer temporarily than for the entire nation and world be held hostage by criminals indefinitely.

The innocent employees made a conscious choice to work for a criminal organization, whether they knew it was a criminal organization or not. It is their responisiblity, not the responsibility of the nation to protect them from their ignorance.

Hostage to criminal bankers forever? No!

Wed, 02/06/2013 - 12:30 | 3220232 Clesthenes
Clesthenes's picture

Don’t forget, Breuer was right in the middle of Fast and Furious, the Justice Department operation that gave at least 2,000 AK-47s, AR-15s and 0.5 caliber rifles (sniper duty) to Mexican drug cartels (one and two).  He had full knowledge of this Operation from start to finish – altho he pretended otherwise; and, at no time, did he see any reason to halt it – much less to prosecute those who directed it – his handlers and fellow useful idiots.

After he put on a show of ignorance, Holder appointed him as his chief of staff.

Here’s an example of how criminal and useful-idiot classes use the sovereign power to perpetrate their crimes with impunity.

The odd thing about this power is that it is like any other fact of nature or invention of man: it may be used for evil or good.

So, why do men of justice have no knowledge of it?

Wed, 02/06/2013 - 13:41 | 3220409 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

There is a check against this sort of thing. Aaron Schwartz that joo s.o.b. stumbled upon it. Open information, decentralized peoples public court. Run for and by the people. When the justice system is corrupt, we need to have parallel court to try these cases. To counter some arguements, the corrupt DOJ and others would call open information espionage and a threat to national security, I say no because it is whistleblowing when targeting corporations, banks etc. and not the actual govt. itself, if you happen to prove people who are supposed to be upholding the law are complict in criminal activity well that is also covered here. They may call it terrorism and a threat to national security, I argue it isn't because the there is no penalities involved for the people being charged and the burden of proof of criminality is held to the same standards of law of the country itself based on the level in which the public case is tried. Also since the case is based on open information aka facts it is covered under the 1st amendment of free speech, we also have a right to public assembly and to air grievences in public and I would be an ip in US jursidiction, 1st amendment rights would apply. Instead of complaining about the Constitution being trampled all over and pissed on maybe we need to start making work again and prove why it is such an important document worth fighting for. You prove criminality you justify rubbing a the DOJ or whichever entity is supposed to prosecute it's nose in it. If they still refuse to prosecute then you scream for the corrupt individuals in the law enforcement agencies to be removed, if they don't remove them then you've made the case that the whole system doesn't respect the rules of law as set forth which in turn justifies and makes the public case that the whole thing is tryannical and therefore time for the pitchforks and torches.

This is the way out of this mess, everyone needs to run with the baton or it dies here. They will try to shut it down and pick off individuals but they can't stop the collective individual or the idea if it takes root.

There is plenty of room for debate and refinement on the idea but this is the 21st century we need to American style of true liberty and justice in a 21st century manner before it gets snuffed out completely. How it shapes will be determined by the individuals as the individual collective grows.

Hope, change foward!

As Obi-Wan said

This is not the hope you are looking for.

 

We have most of the infrastructure already in place just need to tighten up the protections for the whistleblowers and legal people who are tired of this shit to be able to keep anonymous against retribution from corrupt justice.

 

Wed, 02/06/2013 - 13:54 | 3220532 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

One last thing and here is the beauty of it. Those being accused can defend themselves in the same public decentralized way if they choose to do so, either directly or indirectly like through official press releases on their websites etc. The only rule of the court is it would have to meet the same legal standards for defense. Open information works both ways....... It is all about who makes the better case in the eyes of accepted methods of proof of innocence or guilt based upon the charges.

Wed, 02/06/2013 - 14:14 | 3220607 hooligan2009
hooligan2009's picture

got my vote..and I have some capital for you if you form a start up company..not much, but I am sure that there are around five million "not muches" out there and before long, companies would see the benefits to their balance sheets of paying fines a "shadow court" system levied on their bad behavior of this type would bring.

the new company would naturally die off as the massive first up fines served to diminish bad behavior to smaller proportions.

Wed, 02/06/2013 - 16:03 | 3220960 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

No companies. Here is the general idea. The peoples digital court can be anywhere. A blog, a major news site, personal webpage, document file on bittorrent, etc. The law people who want to try the cases need to put together a case that meets the burden of proof for conviction for the crime charge before dropping all the information, put together in legitmate legal brief. Something that would stand up in a real court of law. They just anonymously drop it at enough places get one or 2 to publish and the information will spread. A proof of concept idea would to put together a case against someone the DOJ deemed to important to prosecute hiding them behind this TBTF bullshit and make the case they should have showing clear criminal behavior and burden of proof that it would stand up in a court of law and force the DOJ to do something or be unveiled as corrupt in the light and in the public eye with no way to hide it. Openess of information guarantees ethics, fairness and justice or shows you up to be a fraud and corrupt. Only evil fears the light, well evil and those with extremely fair skin that burn easily.

Everybody has a different role to play, how you want to play and define yours is up to you...... decentralized court allows protection against retribution for being courageous. The can't shut the whole damn internet down and can't stop all the interpersonal chatter on it, they will try but it won't ever happen as long as people stand up for something instead of waiting for someone else to do it.

Wed, 02/06/2013 - 22:15 | 3222015 hooligan2009
hooligan2009's picture

ok..let's do it

Wed, 02/06/2013 - 23:32 | 3222138 Bob
Bob's picture

The bitcoin of justice. 

With an active conscience. 

Thu, 02/07/2013 - 23:32 | 3225037 MeelionDollerBogus
MeelionDollerBogus's picture

pretty sure Chris Hedges led a public non-binding trial finding Jamie Dimon of JP Morgan guilty of massive fraud & the citizens attempted a citizens arrest - http://www.businessinsider.com/occupy-seattle-protesters-surround-jp-mor...

and http://www.dailykos.com/story/2011/11/02/1032693/-LIVE-OccupySeattle-sur...

Wed, 02/06/2013 - 12:33 | 3220238 americanspirit
americanspirit's picture

Breuer's magnificent logic can be applied to many other fields.

That nation is too big to attack because doing so might trigger a series of unpleasant consequences for us, so we will only attack those nations who can't fight back and even if there are unpleasant consequences for them it doesn't matter because they are so small that those consequences wont affect us.

We can't prosecute that public official because if we do the public will lose faith in the system and the consequences to those whose livelihoods depend on the system will be unpleasant because their cushy jobs will be jeopardized.

We can't sign the Hague treaty because if we did then our military and our politicians could be prosecuted by the World Court for war crimes that they have committed and that would impede their ability to keep on committing those war crimes in order to keep America safe from terrorists.

Wed, 02/06/2013 - 12:42 | 3220279 IamtheREALmario
IamtheREALmario's picture

It is all a puppet show until they bring and are able to successfully prosecute CRIMINAL CHARGES. In the mean time it is just another government lie and farce ... might as well watch prime time TV drivel.

Wed, 02/06/2013 - 12:53 | 3220315 Lewshine
Lewshine's picture

You know WHY these lizard men can practice such a level of jaw dropping hypocrisy and laugh in their brandy deliberate malfeasance - Its soley based on the audience to which this behavior is pointed. We are a feeble, deralect and sick society of God ignoring, gay embracing reprobates, driven by greed, lust, ignorance and apathy - Oh yeah YOU Sowers of all that is dead and decaying, THESE are the ideal leaders of what we collectively deserve.

Thu, 02/07/2013 - 23:52 | 3225077 MeelionDollerBogus
MeelionDollerBogus's picture

idiot – the gay-hating god-loving bankster-mafia leaders are the ones singing the same tune as you are. They are the slave-masters.

Wed, 02/06/2013 - 12:59 | 3220343 Walt D.
Walt D.'s picture

 “The bank has admitted to manipulating one of the cornerstone benchmark interest rates in our global financial system"

Silly me - for a minute I thought he was talking about the Fed.

Wed, 02/06/2013 - 13:11 | 3220381 waterhorse
waterhorse's picture

Our message is clear: no financial institution is above the law.

Let me correct that for you:  "No small-enough-to-fail financial institution is above the law."

Wed, 02/06/2013 - 13:14 | 3220389 waterhorse
waterhorse's picture

How funny it is that ALL the financial fraud is taking place in other countries, but not here, no...not here.

Wed, 02/06/2013 - 13:17 | 3220401 Shizzmoney
Shizzmoney's picture

"Our message is clear:  no financial institution is above the law.

Wait, there is a rule of law?

Wed, 02/06/2013 - 14:09 | 3220590 hooligan2009
hooligan2009's picture

yes...it is about three inches and Asian.

Wed, 02/06/2013 - 13:32 | 3220458 Shizzmoney
Shizzmoney's picture

Shame on Breuer: how dare he expect an high end corporate class member of society to obey our laws!

Doesn't he realize that he should only prosecute working class and those OTHER people.

Heckuva job, Lanny!  At least you'll get a nice paycheck from some jewey legal firm when you leave.

Wed, 02/06/2013 - 13:36 | 3220473 Joebloinvestor
Joebloinvestor's picture

This is the guy I want to see caught naked with some Thailand underage prostitute.

 

Wed, 02/06/2013 - 14:52 | 3220764 Brokenarrow
Brokenarrow's picture

The day I get diagnosed with cancer I will cut his nose off his face.

Wed, 02/06/2013 - 15:31 | 3220918 exodus11
exodus11's picture

Simple explanation. When they put out this propaganda story to quell the listeners (milk cows), they forgot to check if he's still working there. They just forgot or didn't know that he resigned. But it doesn't matter, as the sheeple can't think at all. They believe anything written in the newspaper is equivalent to evidence in a court of law.

Wed, 02/06/2013 - 16:12 | 3221044 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

When the punishment does nothing to discourage the criminal activity that has taken place in the future, the punishment ain't worth a shit. This all about bad ethics across the board, lack of moral hazard and willful disregard of effectively enforcing it like doing your job which is to prosecute based on the fact justice is supposed to be blind.

 

Fuck you Lanny.

Wed, 02/06/2013 - 17:36 | 3221365 hooligan2009
hooligan2009's picture

enquiring minds want to know who gets the fines being levied by the SEC, CFTC and whoever?

if the fines represent the value of the odious profit gained by the rogue banks, why then do the people who incurred the cost not get a refund?

are the fines taken from the staff of the bank who perpetrated the fraud, or from theshareholders of the banks or, god forbid, do they go straight back to the Fed who lends the money to pay for the fines in any case?

Wed, 02/06/2013 - 18:25 | 3221479 Hedge Fund of One
Hedge Fund of One's picture

And how much did they actually extract as punishment for that stunning abuse of trust? Didn't seem like nearly enough to fit the crime.

Wed, 02/06/2013 - 23:36 | 3222142 kchrisc
kchrisc's picture

I have just one word for these pols, crats and banksters: guillotine

Tick, tock--you hear that, it's coming for you--tick, tock

 

hujel

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