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SEC Commissioner Furious That SEC Has Made A Mockery Of "Recidivist Criminal Behavior" By Banks
Yesterday, in the aftermath of the latest settlement by the world's biggest banks, who finally admitted they have criminally rigged virtually all markets since the Great Financial Crisis (and prior) despite promising repeatedly they would not do that after having been caught time and again and punished with ever "harsher" wristslaps, we wrote that the "Public Is Confused Why World's Biggest Banks Admitting Criminal Fraud, Leads To Public Yawns."
It appears the public is not the only one who is confused, or yawning, that yet again banks get away with just another penalty (to be paid by their shareholders) and zero jail time for the perpetrators despite what is supposedly "criminal" rigging: none other than a SEC regulator working for the same enforcer who "punished" the Too Big To Prosecute banks only to immediately grant them waivers to continue business as usual, is just as confused.
Here, two weeks after SEC commissioner Cara Stein raged that the SEC would turn a blind eye to Germany's Deutsche Bank for a "Decade Of Lying, Cheating, And Stealing", is her dissenting opinion with the SEC settlement, this time broadening her anger to include all the banks, not just the German one.
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Dissenting Statement Regarding Certain Waivers Granted by the Commission for Certain Entities Pleading Guilty to Criminal Charges Involving Manipulation of Foreign Exchange Rates
Commissioner Kara M. Stein
May 21, 2015
I dissent from the Commission’s Orders, issued on May 20, 2015, that granted the following waivers from an array of disqualifications required by federal securities regulations:
- UBS AG, Barclays Plc, Citigroup Inc., JPMorgan Chase & Co. (“JPMC”), and the Royal Bank of Scotland Group Plc (“RBSG”), waivers from the provisions under Commission rules that automatically make them ineligible for well-known seasoned issuer (“WKSI”) status;
- UBS AG, Barclays, and JPMC waivers from automatic disqualification provisions related to the safe harbor for forward-looking statements under Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934; and
- UBS AG and three Barclays entities waivers from the automatic Bad Actor disqualification provided under Rule 506.
The disqualifications were triggered for generally the same behavior: a criminal conspiracy to manipulate exchange rates in the foreign currency exchange spot market (“FX Spot Market”), a global market for buying and selling currencies. Traders at these firms “entered into and engaged in a combination and conspiracy to fix, stabilize, maintain, increase or decrease the price of, and rig bids and offers for,” the euro-dollar foreign currency exchange (“FX”). To carry out their scheme, the conspirators communicated and coordinated trading almost daily in an exclusive online chat room that the traders referred to as “The Cartel” or “The Mafia.” Additionally, salespeople and traders lied to customers in order to collect undisclosed markups in certain transactions. This criminal behavior went on for years, unchecked and undeterred.
There are compelling reasons to reject these requests to waive the automatic disqualifications required by statute or rule. Chief among them, however, is the recidivism of these institutions. For example, in the face of the FX criminal action, a majority of the Commission has determined to grant Citigroup yet another WKSI waiver, its fourth since 2006. It is worth noting that Citigroup was automatically disqualified from WKSI status between 2010 and 2013 for unrelated misconduct, meaning that it has effectively now triggered WKSI disqualifications five times in roughly nine years. Further, through this latest round of Orders, the Commission has granted:
- Barclays its third WKSI waiver since 2007;
- UBS its seventh WKSI waiver since 2008;
- JPMC its sixth WKSI waiver since 2008; and
- RBSG its third WKSI waiver since 2013.
- The Commission has thus granted at least 23 WKSI waivers to these five institutions in the past nine years. The number climbs higher if you include Bad Actor and other waivers.
This latest round of criminal charges also comes on the heels of the Department of Justice’s actions against UBS, Barclays, and RBSG for their collusive manipulation of the London Interbank Offered Rate (“LIBOR”), a benchmark used in financial products and transactions around the world. The manipulation of LIBOR was flagrant and “impact[ed] financial products the world over, and erode[d] the integrity of the financial markets.” As part of the settlements in the LIBOR matters, UBS, Barclays, and RBSG each entered into agreements with the Department of Justice in which they undertook not to commit additional crimes during the term of the agreements.
Allowing these institutions to continue business as usual, after multiple and serious regulatory and criminal violations, poses risks to investors and the American public that are being ignored. It is not sufficient to look at each waiver request in a vacuum.
And today the Commission heads further down this path. After the LIBOR guilty pleas, UBS was granted a WKSI waiver that was explicitly conditioned on compliance with the judgment in the LIBOR-related matter. That explicit condition has now been violated. Yet, the Commission has just issued UBS a new WKSI waiver.
It is troubling enough to consistently grant waivers for criminal misconduct. It is an order of magnitude more troubling to refuse to enforce our own explicit requirements for such waivers. This type of recidivism and repeated criminal misconduct should lead to revocations of prior waivers, not the granting of a whole new set of waivers. We have the tools, and with the tools the responsibility, to empower those at the top of these institutions to create meaningful cultural shifts, yet we refuse to use them.
In conclusion, I am troubled by repeated instances of noncompliance at these global financial institutions, which may be indicative of a continuing culture that does not adequately support legal and ethical behavior. Further, I am concerned that the latest series of actions has effectively rendered criminal convictions of financial institutions largely symbolic. Firms and institutions increasingly rely on the Commission’s repeated issuance of waivers to remove the consequences of a criminal conviction, consequences that may actually positively contribute to a firm’s compliance and conduct going forward.
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Or to summarize, running a criminal cartel is expensive...
... but at least keep everyone out of prison. For, you know, crimes.
Great chart tracking the people sent to jail over the myriad banking scandals, market-rigging and frauds: pic.twitter.com/hofqPmc2EV
— Jamie McGeever (@ReutersJamie) May 22, 2015
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We ignored some folks, err, donors.
Circus du banquiers.
Perhaps the SEC Commisioner will be dining with Vince Foster and Ron Brown very soon.
Nah. It actually lends 'credibility' to the 'authority' when there is a dissenter amongst the co-conspirators.
As long as the anti-bank dissenter is firmly in the minority!
the latest series of actions has effectively rendered criminal convictions of financial institutions largely symbolic.
Symbolic? How about obsolete? Quaint? Non-existent?
I suppose to level the playing field and make it all fair we could eliminate incarceration and make speeding a $1 fine offense, carjacking $10 fine, ect.
Her furiosity reminds me of another FURIOS SEC commissioner Bart Chilton ... yeah well, these are getting old...
Let us know when the criminal SEC bastards prosecute the people who made 4 billion dollars in UAL put options on 911 foreknowledge.
We have reached a time where enforcing the law will bring on a crash. I say, bring it on.
But we do enforce the law. You know if you steal a candy bar what could happen to you, especially if you get caught 3 times!
'Criminal convictions'? Funny, I don't remember seeing any banksters doing a perp walk.
Let us know when the criminal SEC bastards prosecute the people who made 4 billion dollars in UAL put options on 911 foreknowledge.
Hey FF - you know ...... they looked into that and it was all just a lucky guess! /s/
Honestly, this SEC Zionist bitch's rant is so hollow it's sickening to read. It will NEVER F*&^ING CHANGE because the SEC and Feds rake in $billions right along side the "criminals" - they're co-conspirators - and she's either a complete moron, or, is trying to "lend credibility" to one of the most corrupt regulatory agencies on the planet by lying her ass off in front of the goy - trying to act like she's not a black-rotten to the core POS. Frankly, I hope she gets pancreatic cancer and digests herself from the inside out.
I think we should just have pro wrestlers appointed to be head of the SEC, then at least we could at least be entertained by all the idiot Bart Chilton look alikes.
i agree. if she isn't publicly calling for the imprisonment of barrack obama himself . IN PUBLIC.
she is part of this vast conspiracy. i don't need to read her bio to know she is almost certainly a revolving door piece of shit paid to drink cognac and smoke cigars behind closed doors.
Dual Shit-i-Zen - get out of nail gun murder for free card.
Seriously, when will this shit cycle ever end? When it does.
So we paided the fine.
What the hell are you guys bitching about?
Here. we'll pay another one, go away.
Stealing more that $500 is considered a felony, unless you are a bank. Where is Occupy Wall Street?
baltimore.
"Occupy Wall Street?" I heard, from the White House, the FBI, local cops and Wall Street corporate security, that they were a bunch of dirty hippies who deserved to be beaten, teargassed, and held without charges. So whatever they were protesting against, I'm for.
Aren't the Soros kids in Ukraine trying to get WWIII kicked off?
You touch on an extremely important point, which I find to be rarely acknowledged or even noticed.
The Elites share a single common purpose. Power. That's it. They have rivalries amongst themselves over power, but that's mostly invisible to those of us who are not Elite (which is almost all of us). Sometimes the interests of certain Elites seems to be beneficial to us, and sometimes not. When we oppose them, we outnumber them vastly, so they have to counter opposition by various means. Outright open confrontation is very risky to the elites, and usually goes badly for them (The French Revolution). So they avoid that at all costs. They use proxies when they have to, like hired armies etc. More commonly, they co-opt us to do what they want us to do, under the impression that it's in aid of our own best interests. In fact, this is so common very few people ever notice.
Not that there's any real difference between the two parties, but why on Earth would anyone living in a trailer park in Arkansas vote Republican? Who has abortions? Who gets various forms of welfare? Who pays negative income taxes already? Who can't afford to go to the doctor? Who deals with raging meth addiction, alcoholism, etc.? Who has more broken families? Who can't afford education? Who can't get a job that can support a family? Who really, really, doesn't need to be lectured about morality?
Now, I'm not saying the Democrats offer actual solutions to these issues; they most emphatically do not. But why do these people support a party that is openly antagonistic to their interests? Because they've been co-opted. Military service is very common among the rural poor. They went through hell, and were discarded like used Kleenex. So when a group of Elites tell them they "Honor their Service," they think, "Finally!" and support that group. They tend to be devoutly religious, if not very observant in reality, as Chrisitianity is at heart a philosophy of life for the downtrodden. So if a group of Elites praises their beliefs and tells them their beliefs are under attack and only this one group of Elites wants to help them, they are very loyal.
It works the same for everybody else. Urban professionals feel that American culture is crass and doesn't like them. They're right. American culture has always been very anti-intellectual. So the Democrats tell them the things they want to hear. Some of us don't approve morally of what Capitalism requires, or the pursuit of Empire. There are groups of Elites who tell us they are dedicated to making those things better.
You think George Soros believes anything? I don't. Look at the god damned guy. If the stories of his childhood are true, he comes by his utter nihilism and vacancy of spirit honestly, at least. But that doesn't make him any less of a monster. He cares about one thing and one thing only; power. He supported "Occupy" and the other things he supports to gain supporters to help him to increase his personal leverage against other members of the Elite whose power he wants to take for himself. That's it.
So yes, people who support George Soros are in Ukraine trying to start WWIII. Because they've been co-opted and have deluded themselves into believing that their Elite Lord, in a feudal sense, will reward their loyalty. In the same way that Tea Party types despised the Occupy people because they were loyal to rival Elites; without noticing that they were protesting against the very same things. The Elites were able to resurrect the "Dirty Hippies" meme from the 1960s and 1970s, when those who became the Tea Party were in the military, and those who became Occupy were protesting against the war. That was when the "spitting on returning troops" libel was implemented, when the only time that is documented to have happened was at the 1972 GOP Convention in Miami, when veterans opposed to the war were spat upon by College Republicans supporting Nixon's re-election.
Co-opted. I see it all the time; I work (self-employed) for a variety of Fortune 500 companies. Every day, I deal with corporate employees loyally and happily helping their Elites exploit them and drain them of life. When they become dissatisfied, they don't understand why. They go on and on about their fear of being fired at any momnet, their monstrous boss, the demeaning things they have to do every day, their low pay and lack of prospects, etc. Occasionally I'll suggest to a particularly bright one that they go into business for themselves, doing the exact same thing they do now, but on their own inititative. When I took that step, all the angst just vanished, almost overnight. Almost every single time, I get the response, "Oh, I could never do what you have done. I need the SECURITY!" Then they take some more Prilosec and maybe a Xanax and it numbs them up enough to carry on.
So, long rant short, yes; the Soros kids are in Ukraine, loyally and happily destroying themselves and sabotaging their own interests, in the vain hope their loyalty will be somehow rewarded.
*yawn* Don't get too worked up, the system has been blinded by greed and the bankers cannot see that they are being played as well. They play an important role in that they will be used as the relief valve for much of the coming wrath in the game of societal upheaval that will give birth to american communism. Lopping off their heads may scratch the itch but will do little to stop the march towards a totalitarian regime, it will just be another misdirection by those molding you into a dutiful little serf turning in your neighbor for having too many chickens.
Good observation. Got to have someone to blame for the next crash. The pols are just keeping their power dry.
Yeah, she needs to be careful. The Congressional whores will be all over her.
“In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.”
~ Rep. Spencer Bachus (R-AL)
"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place."
~ Sen. Dick Durbin (D-Ill.)
As long as the banks are allowed to keep up the "pay to play" shennanigans the SEC's howling is a moot point.
I love it when you talk dirty baby
-the banks
Kara M. Stein...
So, is she saying she's gonna cut down the mightiest tree in the forest with... A HERRING? (or some other kind of fish)?
No. Kara Stein is the classic duplicitous government creature that plays for her 'sides' puppet masters. She conveniently overlooks the fraud in her own department, the fraud of everyone in the congress, senate and White House, the fact the FX was manipulated during the crisis as policy, that bonds are bought by primary dealers to keep the government ponzi alive, and that without the FED and the banks playing the role of 'private sector' buyers of fannie, Freddie, muni, etc. etc. etc. -- her government wet dream would come crashing down
Never expect someone to tell the truth when their paycheck is predicated on telling lies...
Yeah, she's furious. And she'll be furious all the way to the bank....
I sincerely wonder if these idiots believe the fines they paid will protect them in any way when this shit all falls apart. I forsee a future of Guillotines and Drumhead Justice.....
Wonder which TBTJ / TBTF financial institution Ms. Stein will be working for when she 'moves on from gubbermint service'?
TJ2F = Too Joo 2 Fail
I'd like to think that was a sincere argument but suspect it was the SEC's way of saying 'we must say or do something so the public is appeased, again'
Mary White is a proven charade.
she is to be congradulated for pointing out the obvious ,so obvious in fact that no DA -SEC court Judge or state - fed AG even takes any interest at all ..the lawyers are like fish swimming in a lake of corruption not knowing they are in it as it is the very air they all survive on or to put it bluntly: they are paid not to notice.
Of course, you are right, even if you are overmedicated, and that condition is certainly understandable!
Just this week, we had had this legal settlement with it's 'in your face' F.U. to the public from the so-called regulators who are supposed to be protecting us, the Trans Pacific Partnership fast track was passed against the wishes of the public - another big F.U., and it looks like more money for the defense department to send more weapons to the ME, where the public again wants us to GTFO.
We can only hope that the compound effect of the continuing realizations that our government is working against us will finally sink in to enough heads that we will start to demand changes. These crimes are becoming more frequent and more blatant, and eventually a critical mass of the public just might reach the boiling point. The evidence is all around, but there needs to be some kind of major spark to get the public focused. I don't know what it will take, but certainly not something like FX trading or LIBOR, which not one person in 50 even understands.
go blow a banker stein
Give her some credit.
Not only will she probably be fired but her job prospects on Wall Street just vaporized.
I see a bright nailgun in her future.
Well she is a woman so it's only natural.
Adorable. So when is she planning to resign and go on RT to tell the truth about how Western banks are above the law to anybody willing to listen?
Thought not.
Seems to me she has just told the truth in a public statement. What good will resigning do? That would mean one less person on the inside to speak out (and there are damn few of them).
This is like robbing a liquor store for $1000.00 and then when caught, paying a $50.00 fine! Crime pays for the big guys.
And then reselling the liquor , which you never had a right to in the first place.
Yes, but because there is a different paradigm involved- Mutually Assured Destruction.
If you knock over a liquor store, you better have some very crooked friends in Langley (or dirt on local elected officials) before sitting down with the D.A.
You Fucking Think ????
She'll talk the talk but will she walk it? Remember Bart Chilton? He did the talk and walked right into a cushy post-CFTC job. Kara will do the same lest she meet the nailgun shovelhead mentioned above...
I am sure the next elected president will take action on this...LOL any bets a question on this issue of TBTF law breaking will never even be addressed by press or candidates in any western country.
~ Ayn Rand
The name is Galt.....John Galt.
So true, spoken decades ago.
She sure gets a bad rap for possessing more wisdom, knowledge, and critical thinking skills than 99.9% of us.
History has proven this many times over, yet each time it is impossible and improbable that it could ever happen to us.
Rand simply fictionalized fact to create a parable, and in doing so was used in invalidate fact as fiction.
Prophets are historians.
The very best quote for our time.
These are the fine upstanding members of our Federal Reserve which are audited for their stability even if the stability is criminally achieved.
"It appears the public is not the only one who is confused, or yawning, that yet again banks get away with just another penalty"
It's the same as it has always been as far back as you want to look.
What few in the "public" that are paying attention all know full well that they can do nothing about it. Because the folks that are put in charge are all in it together for self fulfillment. Laws and rules are not and have not been enforced, time and time again, it collusion at it best/worst and everyone knows it.
The insiders are free to flat out steal, with the blessings of the so called watch dogs. It's a generational crime syndicate, plain and simple.
Morning joke? No shit sherlock, Unless there are real consequences (motherfuckers in a real pound you in-the-ass-prison), nothing changes.
>has effectively rendered criminal convictions of financial institutions largely symbolic.< Well, no shit, Sherlock!
Hehe, it's good to be Jewish.
For now.
Another disillusioned regulator? Maybe? Please?
Maybe, just maybe.... these regulatory agencies were FROM THE BEGINNING set up by corporate interests to protect their markets and practices against competition. Can we please throw out the Ralph Nader myth that these things were created out the ether from the public good and somehow were corrupted by money and politics?
You'll go after a couple of people picking up a few bucks on an "insider" trade, but will ignore the systematic manipulation of benchmark rates and conversation that influence payments on trillions of dollars worth of derivatives?
EVERY GOVERNMENT AGENCY IS THE SAME BULLSHIT. It's called progressivism. It was the marriage of corporate interests and the state.
Seriously. Once established, the Lobbyists write much of the legislation. Fact.
I don't even think it's legislation. It's just regulatory statutes. Congress just creates these things. Gives them a vague scope and then says "make up the rules". The regulatory agency creates the rules, the fines, the charges, and even charges you with a crime for not reporting information to them. When they make a judgment against you, your only ability to fight it is through administrative law courts, which can ignore you forever.
Point is: no one is agreeing to anything. The regulatory agency can't even agree on the rules in general. They just make it up as they go.
And it's shown by what she's saying. She's not as alarmed that they're basically letting these banks off with massive criminal fraud. But that they didn't follow the procedure for granting them waivers. It's the typical regulator gripe. Not only were the rules violated, but you didn't follow procedure for violating the rules! It's just makes this all a show!
Funniest thing I'll read all week.
The SEC shouldn't complain, they're very much a part of the problem. They waste time and money attacking small firms with little to no exposure to actual compliance violations, and spend months and even years looking for ways to fine or penalize companies they've been sent to examine. Bernie Madoff could have been found out in ONE DAY had the SEC done to him what they did to me...they're IMMUNE from the Freedom of Information Act, and are a part of the criminal cabal that is made up of the Treasury, FED, and the SEC. Awful group of people, they should all be fired and their regulatory powers revoked. People should be told, hey, the taxpayer will no longer protect you, regulators don't work anyway, if you want to put your capital at risk, then you better be comfortable with that "risk," because you will lose or make money based upon the MERITS of the investment, not our ability to bail you out. The FED, the SEC, and the rest of the regulators are WORSE than the "crimes" they are trying to "prevent."
...i'd add the CFTC too under Gary Gensler, another Jew.
You can, if you like, ignore, pooh-pooh, call it anti-semitism, but Jews are in control of every single financial nexus in a world that, if those same men and women were all Italians, would have ---long b 4 they had the chance to monopolize these institutions--- been thrown out, prosecuted, imprisoned and still be taking it in the anus.
"Bernie Madoff could have been found out in ONE DAY had the SEC done to him what they did to me"
What did they do to you? (not trolling, serious question)
Did you forget to donate to the Clinton Foundation or something?
Wake me up when 1, even just ONE banker-criminal goes to jail.
Eric Holder said banksters are too big to prosecute.
LOL, nobody big goes to jail for fraud.
Just pay the fines as fees for the cost of doing business and get bolder in your criminal behavior.
Those are the ground rules in "Ericholderland"; the government enforces only the laws they want to enforce and the bankers obey only the laws they want to obey. It's a beautiful thing.
The best we could manage would be to put them 6 feet under, but that'd just give the next egomaniacal prick in line his shot.
Obama owns/appointed all the 5 current SEC commissioners and the Chair.
Somebody owns them alright, but it's not Obammy. He can't wipe his ass by himself.
O really jumped the shark with his "ISIS cuts off peoples' heads because of climate change" remarks at the Coast Guard Academy. I think he is clinically insane.
O and his speechwriters (his brain trust) are simply insane.
Reminds me of Robert Graves' novel "I, Claudis". Chapter on when Caligula attacked the North Sea to declare war on Neptune (God of the Oceans/Climate) for a sea storm that destroyed his father's fleet of ships.
NoVa
If they faced going to "fuck me in the ass" prision I doubt they would do the crime. The fine is less than the gains. Sinfull.
.
Here is a brave person speaking up about something wrong and many ZH'ers here are taking her to task for it? You really do get what you deserve in the end. Bush or Clinton. Heaven help you all.
The tipping point was passed a long, long time ago, it just is was it is.
No person is an island, so get your tribe in order and "heaven help us all".
You sound like another racist fuck chanting "black lives matter". Guess what asshole? ALL lives matter!
This is her key point: It is troubling enough to consistently grant waivers for criminal misconduct. It is an order of magnitude more troubling to refuse to enforce our own explicit requirements for such waivers.
Meaning, yes, it's troubling that people are getting waivers for criminal behavior. BUT it's MUCH WORSE that they commission is not following their procedures for allowing people to break the rules.
It's a bullshit complaint. And it's typical of a regulator. They're not concerned as much with breaking the laws that they made up as much as they're troubled by the fact that procedure wasn't followed. Much ado about nothing!
And there's nothing "brave" about pointing this out. It's a Beltway complaint. She'll probably ask for a taskforce to be created with a large staff to investigate this and report back in 3-5 years.
ZH'ers are indeed a tough crowd and pretty much throw everyone in government or on wall street under the bus (okay, yes, much of it probably deserved). However, I read the Kara Stein memo and see someone bucking the trend and publicly speaking out against this travesty.
For now, I give Ms. Stein kudo's and hope this spurs other folks to demand personal criminal penalties for those who break the law no matter where they work, who they know, or how much money/power they have...okay, so call me a dreamer...
The goal is to make EVERYONE criminals. That way, the regulatory powers can pick and choose who to actually prosecute, and who to pardon, based on political leanings and kickbacks. It's freaking beautiful, and completely according to the Democrats' (and /most/ Republicans') plan.
only 1 way to exact justice from the TBTF Banksters: ALL FREEDOM LOVING AMERICANS SHOULD WITHDRAW ALL OF THEIR MONEY FROM THESE CRIMINALS, NOW.
NO DEPOSITS = NO BANK
Technically, thanks to fractional reserve banking, the "deposits" are pretty minimal already. What you need to really do is stop using the one thing that they control, FIAT.
Stop accepting their PAPER!!!
Their PAPER was backed by gunpowder, which developed through history to become electronic frauds backed by the force of atomic bombs. It is is possible to apply the laws of physics to understand what is happening is due to governments NECESSARILY being the biggest form of organized crime, controlled by the best organized gang of criminals ... Yet, those few that recognize those basic social facts mostly then still call for "solutions" based on impossible ideals that that should not be the case, despite that it must necessarily be the case.
OF COURSE, FIAT IS ENFORCED FRAUD!
However, it is NOT backed by "nothing." It is backed by the government legalizing the counterfeiting of the public "money" supply made out of nothing as debts by privately controlled banks. Nobody would trade pieces of paper, or bursts of encoded electricity, for goods and services, if those pieces of paper or bursts of encoded electricity did not develop through a long history of being backed up by violence. However, as demonstrated by the vast majority of the content published on Zero Hedge, even the few that understand how the monetary and taxation systems work mostly collapse back to the same old bullshit "solutions," after presenting a relatively good analysis of the problems.
What the article above stated can be found repeated many, many times in the jurisprudence about punitive damages, which has developed over several Centuries. It is obvious common sense, the same as it should be obvious common sense that governments allowing private banks to engage in fractional reserve operations is actually those governments ENFORCING THAT FRAUD.
The background facts are that money is measurement backed by murder, because the debt controls depend upon the death controls, because the production of destruction controls productions, while all of those phenomena are NECESSARILY SO ... However, as demonstrated by the content on Zero Hedge, there is almost nothing but controlled opposition surrounding that core of organized crime. Hence, it is almost always the case that, after a relatively good analysis of the problems, the bogus "solutions" collapse back to the same old bullshit based on false fundamental dichotomies and the related impossible ideals.
I find it quite ironic to attempt to appreciate the degree to which even the "Laws of Physics" have had their understanding been inverted and perverted by the biggest bullies' bullshit dominating all social enterprises, including the scientific enterprise. Clearly, the financial frauds would be nothing more than amusing absurdities, IF they were not enforced. Recommendations that we should "Stop accepting their PAPER!!!" are meaningless unless one can then provide ways to also stop accepting that their guns are cocked and pointed at one's face ...
What is way worse is that the globalized electronic frauds are backed by the threat of the force from atomic bombs, which are pointed at everyone, all the time! Since money is measurement backed by murder, while that murder has become ultimately based on the existence of weapons of mass destruction, resolving the real problems with the political economy are nothing less than resolving the real problems with the human ecology, after the development of those weapons of mass destruction.
Generally speaking, people who publish on Zero Hedge like to promote "solutions" which deliberately ignore what the deeper problems really are ... I sympathize with that attitude, since after one faces the facts regarding what the problems really are, it is no longer possible to come up with any plausible political solutions to the problems that the entire political economy is based upon systems of enforced frauds that have become runaway criminal insanities!
We are faced with the double barreled double whammy, of enforced frauds, NECESSARILY operating through organized lies operating robberies, in positive feedback loops of reinforcement for those doing that ... despite the longer term consequences ... To summarize the problem with respect to the "Laws of Physics" human beings operate as entropic pumps of energy flows, while that has developed to become that the biggest bullies' bullshit has dominated everything to the degree that the basic concept of entropy was inverted. In that context, it is not possible to exaggerate the degree to which civilization has become runaway systems of organized lies operating robberies, which deliberately misunderstand themselves to the maximum possible degree.
To recommend solutions that we stop believing in the biggest bullies' bullshit is something that I sympathize with. However, the banksters still ARE the biggest bullies, who still control the powers of governments to enforce their frauds. What appears as the marginally "illegal" activities referred to in the article above was merely froth on the frauds. The whole system is more than 99% based on enforced frauds, or integrated systems of legalized lies, backed by legalized violence. The issues that made the news in stories like the article above are some of the few remaining fringe areas where the frauds have not yet been fully legalized, although the de facto failure to enforce those few remaining laws means that those activities are effectively legalized, since the fines paid for engaging in those kinds of criminal activities have become merely another cost of business, which can easily be absorbed, in ways which to not significantly impair the overall profitability of those kinds of criminal activities.
However, so far, the vast majority of people, including the vast majority of the content on Zero Hedge, have not gone through enough paradigm shifts to accept how and why civilizations necessarily operate according to the principles and methods of organized crime. There is nothing else than the dynamic equilibria of different systems of organized lies operating robberies. However, that dynamic equilibria is becoming more and more extremely unbalanced due to the degree that the best organized gangs of criminals have been able to control their publicly significant opposition.
Demanding politics without violence is the same as demanding physics without force. However, the biggest bullies, or the wolves in sheep's clothing, have been able to brainwash the Zombie Sheeple and the Black Sheeple, so that their "solutions" to the problems are that everyone should become better Sheeple. However, actually, the only genuine solutions would be for everyone to become better wolves, because human beings and civilizations necessarily operate according to the principles and methods of organized crime, because they necessarily operate as entropic pumps of energy flows, which are necessarily systems of organized lies operating robberies.
Governments are necessarily the biggest form of organized crime, controlled by the best organized gangs of criminals, which currently happen to be the banksters. Meanwhile, the degree of successes that the banksters have enjoyed doing that have meant that they were also able to control all of the publicly significant opposition, so that people could promote bogus "solutions" that deliberately ignored what the real problems actually are. Indeed, it is awesome to contemplate the degree to which the biggest bullies have been successfully able to promote their bullshit view of the world, so that almost everyone uses natural languages, and presumes to take for granted philosophies of science, which are as backward and absurd as possible. That is the basic way in which the current banksters are able to get away with enforcing frauds, to the degree that the vast majority of people are not aware of that, and the only "solutions" which are presented in any publicly significant ways regarding those problems continued to be based upon impossible ideals, that continue to actually make the opposite happen in the real world.
The ONLY things that are presented in the publicly significant news are superficial froth on the fundamentally fraudulent financial accounting systems, which are the only levels of that situation that most people perceive and discuss, which is what the article above was doing. That the entire political economy is BASED ON ENFORCED FRAUDS tends to be deliberately ignored as much as possible, while the few that do point that out then continue to promote the same old-fashioned religions and ideologies as being the "solutions" to those problems.
To assert that "we" should stop accepting the banksters' frauds does not address the issue that then arises about how "we" are supposed to stop accepting the enforcement of those frauds. By and large, the social situation that we are inside of now is that the vast majority of people have become Zombie Sheeple who do not understand how the monetary and taxation systems really work, because they have been conditioned to not want to understand, while those few who do understand, but do not take personal advantage of profiting from participating in the enforcement of those frauds, are Black Sheeple, who promote bogus "solutions" that are based upon the development of some idealized new monetary and taxation systems that will continue to be based upon deliberately ignoring the "Laws of Physics."
Of course, it seems to currently be a waste of time to bother to explain that to people who do not want to understand. The established systems of debt slavery have already generated numbers which have become debt insanities, and so, those are already headed towards provoking death insanities ... while practically nobody is willing and able, or apparently even interested, in changing the paradigms that they use to perceive the issues regarding how the death controls back up the debt controls ... because that returns us to what those actual problems have become: GLOBALIZED ELECTRONIC FRAUDS BACKED BY ATOMIC BOMBS!
Why is it that most of the news one encounters these days fits nicely into one of the protocols of the elders of zion?
Kara Stein is probably thinking that with Harry Reid stepping down, and Obama on the way out the door, that she needs a new job offer coming in 2016. Now who is going to pay $500,000 salaries these days? No one has approached me with an offer yet and time is running out. Maybe if I raise a big fuss I can get Wall Street to make me an offer, in return for my silence.
If she means it she should resign. How does it feel spitting into the wind, lady.
I really see a nail-gun in this woman's immediate future.
She must not have gotten the memo....
Will they rape her before they kill her?
Nice bit of controlled opposition going on here. Just enough disgust to keep the monkeys from flinging shit all over the room.
Typically we just end up flinging shit at each other.
This list is only going to grow because they have only scratched the surface of the rigging and make no mistake the Feds want this rigging to take place. It's the only thing that keeps this market from crashing.
"In conclusion, I am troubled by repeated instances of noncompliance at these global financial institutions, which may be indicative of a continuing culture that does not adequately support legal and ethical behavior. Further, I am concerned that the latest series of actions has effectively rendered criminal convictions of financial institutions largely symbolic."
gee Ms. Stein.... ya think?
...please tell me you're not JUST NOW coming to that conclusion.
Can anyone spare a waiver for a brotha?
Announced at the begining of a long weekend......... this will be filtered to a Joke tonight till Monday where it will be business as usual.
Whoever let Mrs. Stein onto the Commission is gonna have some 'splainin' to do.
Token truth teller?
n gift of money or other inducement.
Every single cunt at the SEC who sat in judgement and agreed the waivers were paid a minimum $5 million into an offshore account run by the banks as part of the settlement.
I know this because I work for Citi in their offshore account structured division for corporate and high net worth individuals who need to scramble funds in emergencies worldwide.
Every one of the accounts opened last Tuesday morning involved a name from the SEC.
Now prove me wrong and by the way I have at great personal expense, had a special hat made, that has been repeatedly tested and can withstand even a 12700 lb nail gun thrust. That is the force exerted by the Intimidator Model XXX BJ Thrust Monster Nail Gun
Only known sales outlet,
K St
Why talk this shit here? Take your evidence to the authorities and the press.
https://www.youtube.com/watch?v=HMIyDf3gBoY
It is not "symbolic."
It is about collecting money from the banks, which was accomplished.
Blood is required, not money.
It is two orders of magnitude more troubling when the perps write the waiver language for themselves.
But, don’t worry Cara Stein, you and Carmen Segarra will have plenty of time to discuss this over coffee in the “My Career is Over” Lounge.
Holy banksters, Batgirl!!!
I forget how really clueless we Americans have become....
Big goobermint and big banksters have driven apathy to the core of being.
How about some suicide rate reporting? They're dropping like flies out there.
She's furious! LMAO!!!!! Sure, she's on your side, Goy.
Nice rhetoric.
I AM TROUBLED BY THE APPOINTMENT OF YET ANOTHER JEW TO HEAD A FEDERAL AGENCY INVOLVED IN BUDGET, BANKING, IR FINANCIALO OVERSIGHT.
this pattern by the secret muslim is in excess of even Clinton's kosher kitchen.
It is patently absurd that a group comprising 2.5% be every other sec head, or multiple fed heads in a row, commerce, treasury, cbo, of late irs and omb, nat economic council, council econ advisors, ALL the treasury undersecs..
And the junkers must support the idea of wildy disproportionate Jewish appointnents, and/or hate anyone discussing it.
Why is *that*?
Hide the children. There's bankers in town and Obama is with them.
" I am concerned that the latest series of actions has effectively rendered criminal convictions of financial institutions largely symbolic "
Really? When was the last time anything other than "symbolic" punishment was handed down to the career criminals at the top of all the largest public and private Banks, Regulators, Governments etc? For fuk sake lets all pretend THE FRAUD is not blatant and rampant throughout all our "Leadership".
You wonder if there will ever be a day of reckoning, when the oligarchs lose domination over politician and regulators, and suddenly see themselves facing 'real' prosecution? And then shit their pants when money and connections doesn't get them off.
Unfortunately that day will only ever eventuate if the US collapses in a total heap and there is a 'truth commission'...
Freewheelin...............would like to upvote you but, can't!
So they supposedly have secret "chat rooms" where they would collude for years at a time? We're supposed to believe the NSA doesn't know anything about this? Certainly these banks that were granted waivers in the past would be on somebody's radar. You have to wonder if the government itself isn't in on the action.
She sounds like a guilty minded nympho who craves in private to be bonked again and again by the likes of DSK; savagely, all the while deploring the weak-mindedness of her own addiction to her predatory lover of malediction.
"If only I and my kind could break their shackles to our tormentors, recidivist serial rapists, who like our subservience to their passion raging like a rain-filled typhoon from all directions."
"How to do my job and not love the knob that thrills my innards to the point of hating my libido like a penitent nun being butt bashed by her confessor?"
My, when the anointed become the servants of the unfettered barbarians, then the meaning of vilified words like "crime" and "punishment" acquire a new dimension.
Blasphemy becomes pardonnable as for enough money you get legal Indulgence which allows you entrance to the Pearly Gates like acts of sanctified goodness.
Lets hope Nirp and QE can dissolve her guilty pangs in a sea of fiat!
lmao. thx for the lulz!
When the people charged with enforcing the law,are the same people that are breaking the law,you get super-hero Cara Stein.crimefighter and bankster ball licker extraordinaire..
Kara, Please stay away from nail guns and open windows 10 floors up.
I dare her to quit in disgust.
Some public servants actually try. To help the public.
Fuck her.
We will have to clean this up Ourselves the hard way.
It's time to make soap.
Identity Politics.
Get someone of the same Political Identity Group (remember corporation are people in The Homeland) to damn those of same Political Identity Group proving that not all Political Identity Group Groupies are the same.
All “in” political groups are all the same race or religion and they are diverse and individual thinkers who act independently. They are not all the same even though they act that way.
All “out” political groups are diverse in race and religion but they lack independence and are group thinkers. They are all the same even though they don’t act that way.
Something Evolved in the Supreme Court System... they know people want to read the Dissenting Opinions. So as a best practice the SEC has now Evolved to also provide these for a 'bone' to our US Activists.
- Frau Stein helfen ales mit dieses Brief, Zigaretten?
Mary Jo White
Chair
since 2013
Term exp. 2019
Luis A. Aguilar
Commissioner
since 2008
Term exp. 2015
Daniel M. Gallagher
Commissioner
since 2011
Term exp. 2016
Kara M. Stein
Commissioner
since 2013
Term exp. 2017
Michael S. Piwowar
Commissioner
since 2013
Term exp. 2018
I think if get your drift.
The cigarette is after the dirty deed?
Very good actually!
I'm sorry, what criminal convictions.
Some people did some bad things so we let them go (again)