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Bloomberg FOIA Documents How Wall Street Made A Muppet Of The SEC, Mary Schapiro And Dodd Frank
That the SEC is the most incompetent, corrupt, irrelevant and captured organization "serving" the US public is known by everyone. And while the details of the SEC's glaring lack of capacity to do anything to restore investor confidence in the capital markets, which has become a casino used exclusively by Wall Street to defraud any retail investor still stupid enough to play (which lately a moot point as there have been no material retail inflows into mutual funds in over three years), are scattered, courtesy of Bloomberg we now have the best summary of just how the utterly clueless SEC is a muppet plaything of Wall Street, and together with it, the "grand regulation" that was supposed to keep Wall Street in check, is nothing but what Wall Street demand it to be, and forced the SEC, way over its head on regulation, to accept every change, that the very banks that are supposed to be regulated, demands as part of Dodd-Frank reforms. In short: everything we know about Wall Street 'regulation' has been a farce, and a lie, exclusively thanks to corruption rampant at the now documentedly incompetent Securities And Exchange Commission.
Bloomberg has the smoking gun.
It had been two days since U.S. lawmakers negotiated all night to finish rules that would reshape the business of Wall Street. The 20-hour session left legislators, aides, lobbyists and regulators exhausted. Almost no one had a grip on all the details.
Then Annette Nazareth stepped in. That Sunday morning, she e-mailed a dozen Securities and Exchange Commission officials about the bill that would become the 2,300-page Dodd-Frank Act.
Who is Annette Nazareth?
Nazareth, herself a former SEC commissioner, represents the biggest banks and securities firms as a partner in the Washington office of Davis Polk & Wardwell LLP. She attached an annotated copy of the measure to her June 27, 2010, e-mail, marking changes made during the wee hours. It could be an invaluable tool for an agency hard-pressed to analyze the bill on a tight deadline.
Nazareth was the good Wall Street funded Samaritan that stepped into bail out the SEC in its moment of need.
“In case you would find it helpful,” Nazareth wrote to the group, many of them ex-colleagues.
Two hours later, SEC Chairman Mary Schapiro responded: “Thanks. We have our work cut out for us.”
And who is Davis Polk:
With Nazareth on board, Davis Polk was hired as outside counsel on Dodd-Frank by the six largest U.S. banks and the Securities Industry and Financial Markets Association, the Wall Street trade group, according to the law firm’s website. The firm also performed work for foreign lenders including Credit Suisse Group AG (CS) and Deutsche Bank AG.
As for Dodd Frank it needs no introduction: it is the Wall Street sponsored abortion that assures nothing has changed on the TBTF front, that banks can do whatever they wish, and that the SEC is powerless to intervene even when necessary. As Elliott management said, Dodd Frank is the one piece of legislation that has assured the Lehman failure was merely an appetizer to the main course when massively undercatpitalized banks will be tumbling like dominoes in a centrally-planned world.
How did Bloomberg get its information:
Nazareth’s e-mails to Schapiro and then-SEC General Counsel and Senior Policy Director David Becker, obtained through a Freedom of Information Act request filed by Bloomberg News, demonstrate how lobbyists and lawyers draw on bonds they formed in government service to gain access for clients, and how they work to maintain those ties.
Everyone knows about the SEC's revolving door policy where former SEC workers go to Wall Street to aid and abet their clients to skirt the law, and avoid SEC entangements. It is rare however to see a double revolving door participant such as Nazareth:
Officials routinely leave federal agencies, Congress and the White House to work for the industries they once supervised. While that path is well-trod and legal -- with some time restrictions -- it still provokes handwringing in Washington. Nazareth’s communications provide an inside look at what happens when the revolving door spins.
Nazareth, 56, declined to discuss specific e-mails. She said that people like herself who have worked for both sides are valuable because they can “better translate to their clients” what the SEC is trying to achieve.
“It’s unfortunate where we are in an environment now where everybody thinks that is nefarious,” Nazareth said.
Nazareth added that she “absolutely” doesn’t get favorable treatment.
“I am not batting a thousand, let’s put it that way,” she said. “And I respect that.”
And here we get to the meat of things: Wall Street, via Davis Polk, and its "liason" lawyer, manipulated everyone like docile little muppets.
Nazareth and her colleagues at Davis Polk played a central role as the financial industry shaped its Dodd-Frank priorities, helping write more than 80 comment letters to regulators. The firm’s clients, including Sifma, JPMorgan Chase & Co. (JPM) and Bank of America Corp., targeted rules such as the so-called Volcker ban on proprietary trading, arguing it could create excessive burdens on banks, choke off business and hurt the economy.
The Volcker rule has yet to be completed, along with other key Dodd-Frank components such as swap-trading and mortgage regulations, meaning the success of the banking pushback won’t be fully measured until next year at the earliest.
In May, Nazareth was named as the top woman lawyer in financial regulation at the Americas Women in Business Law awards in New York. Public disclosures from the SEC also underline her clout. In 2009 and 2010, she attended 11 meetings with Schapiro -- twice as many as any single competitor in the law and lobbying business -- according to the chairman’s appointment calendar. Since Dodd-Frank was enacted, Nazareth has taken executives from firms including Goldman Sachs Group Inc. (GS) and Credit Suisse to the SEC, agency memos show.
Manipulating the SEC was not enough, Wall Street also had its tentacles at the CFTC, best known for such humiliations as MF Global and Peregrine Financial:
Nazareth has also attended meetings at the Federal Reserve and represents clients at the Commodity Futures Trading Commission, where she has met with Chairman Gary Gensler among other officials, according to public disclosures.
Lynn Turner, a former SEC chief accountant who is critical of the banks’ agenda, said that Nazareth is “at the top of that list of influential attorneys” who have access to regulators as former SEC officials.
John Nester, an SEC spokesman, said those who used to work at the commission don’t get special access to the chairman. Schapiro “knows a lot of people in government, law, academia and consumer advocacy” and it’s not surprising that she e-mails and meets with some of them, he said.
“In the end, whether she or anyone in the agency agrees with a particular viewpoint or a specific request depends on whether it furthers the mission of the agency,” Nester said.
Nazareth's M.O. is well known to those who have worked on Wall Street - hollow empathy and pandering, just to gain the trust, allowing full out manipulation to ensue:
In her e-mails, Nazareth blended the personal and professional. For instance, she sympathized with Schapiro over a “frustrating” New York Times article in one message, and in another offered to sell the SEC a Davis Polk Web product “at an appropriate government rate.”
The overlap was sometimes evident in Nazareth’s salutations, which varied from “Dear SEC friends” and “Dear Mary and David” to “Hello All.” On March 10, 2010, for example, she wrote to “Chairman Schapiro” asking if she’d take a meeting with Credit Suisse “to discuss the SEC’s concept release on equity market structure.” After Schapiro agreed, Nazareth wrote back: “Fantastic, Mary!”
Schapiro answered the e-mails in a business-like way. The more numerous exchanges between Nazareth and Becker, who are friends, display an easy banter and a familiarity developed over the years.
Becker, now a partner at the Cleary Gottlieb Steen & Hamilton LLP law firm in Washington, declined to comment for this story. His biography on the firm’s website says he was “intimately involved” in financial regulatory reform at the SEC and “served a central role in the commission’s efforts to implement the Dodd-Frank Act.”
Early in the Dodd-Frank debate, in November 2009, Nazareth forwarded a summary of a Senate proposal to Becker, who noted that the actual text ran to 1,100 pages. “More nap time for me,” he wrote.
That prompted Nazareth to ask, “Yea, but what about me? No rest for the outside counsel.”
There is much more in the full Bloomberg expose which is merely the latest nail in the coffin of the manipulated, coopted farce known as the SEC, which probably more than anything, is the reason why investors have now shunned the centrally planned capital marekts entirely. That Mary Schapiro is still employed as the SEC's head after years and years of abysmal decisions, of policy failures, of having done nothing to restore confidence in the market is, quite simply, a joke. This latest narrative will merely confirm it.
Sadly, in this banana republic which employs such banana agencies as the SEC to do the bidding of the banana elite that matters: not democrats, not republicans, but Wall Street's banks full of money (most of it from the trillions in 2008/9 taxpayer funded bailouts), nothing will ever change, until the next and final crash wipes out everything with it and forces the system to start afresh. Only by eliminating the status quo, its insidious tentacles, and the enture existing generation of corrupt, criminal, co-opted regulators, can there be a chance to restore some semblance of fair and efficient markets.
Until then, enjoy the farce of the broken Wall Street casino until trading volumes finally hit zero. It won't be long. At that point it will be too late.
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Don't take the shine off our Dodd Muppet....or you're have to keep him!
Chalk Up One More Reason For GOLD $50K... Coming...
MoneyChanger Utopia ???
you'd tend to think it was almost some sort of conspiracy
but you'd be wrong, cause all that kinda talk is just 'theory'
It's never a conspiracy to the ones involved.
Just remember The USA General Rules(i.e. Dumb The Sheeple Down): Black Is White, Up Is Down, And 1 is always 2 ...
Now carry on and keep voting...
It is just sad. Very sad.
Now you know who writes all this federal legislative shit, and gets paid for decoding it after the legislation is signed. Lehman Brothers on her CV. What a fucking winner.
Same thing for Obamacare, which nobody read or understood except for the legal shills who wrote it under the dark cover of night so they can jam it up our asses like a colonoscopy probe we don't need either.
I think I'm going to need more popcorn.
ALL gov't employees are idiots, not just Shapiro. They work for the gov't because that's the only institution that doesn't hold anyone accountable. In a private setting, they can't handle the 'pressure' of having to actually produce something. Union benefits and surfing the net all day - who wouldn't want to do it? Nazareth knows that too, and she is simply manipulating for her own benefit - a real slimeball.
And that is why the structure is unsustainable. Yes, Shapiro and the SEC are idiots, but so are all the other government agencies that produce nothing of value except feed for lobby leeches.
So if that Government job is soooo good, how come you're on here bitching about it and not out getting one???? Oh, maybe the competition for those is so tough, you couldn't measure up????
He's probably bitching because he gets his money stolen from him to pay for these useless idiots that work for the government. Personally I don't think I'd be able to live with myself if I was a parasite, I mean, government employee.
ray,
You hit the nail on the head and are 100% correct. I don't measure up, because requests for those jobs are overflowing. With unemployment high, people need to eat, so are looking for the most reliable host to suck off of. A fat, lazy, lethargic and grossly overweight nation that sits in front of the TV all day, shooting each other at night, is prime gov't material. If you feel you fit in, then keep sucking off the system. I don't.
sorry rayduh but you stink like an obama supporter - facts dont matter do they
I'll just point out another measure, then tell me who the idiots are.
Are they, the tax consumers employed by the government, or the tax payers paying for their deadweight?
As always, it's good work, if ya can get it.
Ever go to the DMV? How about the IRS? Or, the Unemployment, SSA, SNAP, or see the TSA in action? They are all staffed by mutants. The DOT: 11 of them out on the street holding brooms and shovels watching another one of them doing the work. Someone calls the police. They come by and shoot 11 bystanders. The next president gotta put the lunies that Reagan let out back into the asylums and get them out of government jobs.
Ever go to the DMV? How about the IRS? Or, the Unemployment, SSA, SNAP, or see the TSA in action? They are all staffed by mutants. The DOT: 11 of them out on the street holding brooms and shovels watching another one of them doing the work. Someone calls the police. They come by and shoot 11 bystanders. The next president gotta put the lunies back into the asylums and get them out of government jobs.
There is no private setting to work for or in - none of us built this or that or anything else, Ayn Rand was not writing fiction unfortunately. The private sector has been taxed, regulated, goldman sachs-ed and central planned into oblivion - then there is robotics and technology ...a pimply faced antisocial IT jackass is not accountble hiding behind a screen. At least I have memories of what its like to live in a free America alas I dont think my kids will. Shame on our sociopathic institutions and us for accepting a roll as impotent sheeple
I'm going to post it agian for those who missed it.
Why is this so easy to trace and see the fraud? Why doesn't the SEC use this same information to stop this nonsense?Why doesn't someone raise money and advertise this on a major network during a Sunday golf event? (right before every investment commericial, use a cheap local cable buy and hit 50 major markets) This is all the proof anyone needs and if the general public saw this, they would pull all 401K accounts and close them. Also show how bought and paid for our watchdogs are.
Stop crying on this site and do something about it. There are so many peole on here with real money to bring this out. Play there game better then them. If you can't then your the sheep. You know therfore: educate, inform, and make a difference.
SHOW EVERYONE HOW CAPTURED OUR REGLATORS ARE AND CUT OFF THE MONEY SUPPLY IN ONE SWOOP. They dont care about you complaining on this site. Raise the dam money and do something about it. Smack them right across the face with it. Go after the money the same way they did to you.
I will donate 10K umbrellas and give them out at the next big golf event That read's SEC is Captured. I would prefer to do the Masters on Sunday for maximum impact.
With that said. I read zero hedge every day. On here several times a day and see such great factual posts. Zero Hedge has nailed the HFT manipulation with pinpoint accuracy from day one. Stop waisting your time calling people trolls and bitchen about the biatchez. There are a ton of powerful, creative, writers and marketing people in here. Organize now.........
Nazareth, you say?
Now you're messin' with a ...
Now you're messin' with a sonofabitch.
Shapiro: would you hit it? Fu kkk NO.
Not even with a 9 iron?
I wouldn't ask you to use your wood...
not worth my 9iron.....no way....i got a cast iron pipe though
Muppets? Hardly. I am sure Mary and Dodd have been well paid [off] by wall street. Its the Retail investors that are the muppets.
You really believe Mary is that stupid? A better term would be "Bought off".
How do these people rationalise their behaviour?
"Weeeelll, if I didn't rape my own daughter, some other punk would and at least I care for her"
Or
"If I didn't steal it, someone else would and I'm spending it on ethical things"
WTF!?!?
and this is "news"? when i saw SEC i thought we would get whats on the docket today.. Horny Asian Nurses 3 or Naughty Schoolgirls do Texas 2?
Our records show the CFTC has checked out Naughty Schoolgirls.
They starred in it.
Screwing schoolgirls and grandmas and...
"Everyone knows about the SEC's revolving door policy where former SEC workers go to Wall Street to aid and abet their clients to skirt the law, and avoid SEC entangements."
Don't let that revolving door hit you in the ass on the way out.
"It is rare however to see a double revolving door participant such as Nazareth:"
"Rare"? As in a black swan rare?
I am SOOOOOO weary watching the denial play out. Those who awaken early often feel cursed. Timeout for a refreshed perspective.
Yes. A timeout.
Not a bank run, but a mass exodus from all the markets.
"Auntie Schapiro, who run Barter town? Who....run....bartertown?!?"
trading volumes hit zero.. well with the algo ramp today we get one day closer. ..after all Fex Ex warning is just oh so bullish.
the sec = obummer's muppet just like all the other gov agencies
the DICTATOR tells them how high to jump...the QEorganizer doesn't want to disrupt the corzine-madoff ponzi scheme...he doesn't want the fat cats to "suffer".
rape u can believe in...he doesn't give a rat's ass about the middle class...the HYPCRITE in thief.
The idea that I'llbombya is in charge is pretty short-sighted.
Exactly Clashfan. Sheeple need to turn those binoculars around they're looking through the wrong lense.
dead on. cause after all. Being the crude trades lock step with equity markets if he were interested in giving the middle class a defacto tax break hed get on the bat phone and tell ben "enough is enough " but no. Its all about Obamma. Me me me.
As you watch your down votes accumulate, you should understand that most of them don't come fom "fans" of the president, rather people who are annoyed by the red herring that party politics creates to distract so many, and in this case, you.
http://en.wikipedia.org/wiki/Racket_(crime)
"demonstrate how lobbyists and lawyers draw on bonds they formed in government service to gain access for clients, and how they work to maintain those ties."
Monsanto/FDA - some folks have gone back and forth 5 times.
but don't worry, it's only what you eat.
GMD - genetically modified democracy
Who gives a shit? Really.
Just people in flyover country.
Interesting. And now we know how/why things have gotten this far. Apathy.
As long as your EBT is refilled, no shit for anything, right?
Again, this is f^cking terrifying. What can possibly put a stop to it?
Years ago a smooth Dodd walked into a place and did not tip the waitress. He had a sour face, soon on his way to Nantucket to bow before his leaders. His Italian leather shoes shone and his shark-skin suit glimmered. I nearly laid hands on him to demand he account for the trillions that had vanished under his watch. I held back as my friends had no knowledge of his duplicity and would have been horrified.
I have regretted that error ever since.
It would not have had an impact on him. He's a sociopath. I don't know if political office is self-selecting for sociopaths (likely) or if politicians are vetted for this trait before being elevated to important roles (also likely)... It's most likely both. The finance oligarchs (sociopaths) vet the pool of possible leaders from a pool of people primarily comprised of sociopaths (congress) and select the most evil of the bunch for important roles atop committees that are created to oversee the "regulators". Of course the regulators are all working towards their big payday when the can cash in their experience and go to work for the sociopaths on top of the sociopath pecking order. That's our system.
All governments suffer a recurring problem: Power attracts pathological personalities. It is not that power corrupts but that it is magnetic to the corruptible. Such people have a tendency to become drunk on violence, a condition to which they are quickly addicted.
I would say that this is true of more than just government, but for many/most large institutions. Universities, corporations, religious institutions, etc. but yes... The notion of power corrupting, while true, pales in comparison to what power attracts.
markets are fine... they make perfect sense... There are times when my paper boy can be in the markets and make money... that time is not now, and so what? Those are the bad markets anyway, where anyone can buy and hold and make money... Livermore called long term investors the higher risk group, more than traders anyway, and I think he's right...
The paper boy will be in and out of the market at various times in his life... I'm in it every day... Just tell me the rules...
It's already "too late" - referencing the last sentence of the article. What we see is the natural conclusion of a system that has behaved exactly as it was designed to behave. Most didn't recognize this as the system paid people along the way, like any Ponzi scheme does. We have reached the tipping point now, but there was no way to walk this down at any point along the way. It was always "too late".
Frank needs little comment.
As for Dodd, he is one of those who helped undermine the HSCA. That alone guaranteed a senator for life spot, much like Specter. Okay, Specter didn't quite make it for "life," but you get my point, I hope.
Dodd will continue to be a tool for the Luciferian elite. No surprise there. It's his career.
Pass me a banana please.
I don't think volume will hit zero. The bots will take care of that. It will be liquidity that will hit zero. Someone will throw a real nickle into the mix and bots will chase it to hell. God forbid a massive sell order from someone meaningful who one day says "fuck it, I'll take a banana too."
"That the SEC is the most incompetent, corrupt, irrelevant and captured organization "serving" the US public is known by everyone."
Since the nuclear regulatory commission (NRC) was purged of its leader (Gregory Jaczko) earlier this year, the NRC has climbed to the top for me, as it is now peopled exclusively with obsequious and fawning toadies, stooges, and yes-men. So much for learning anything from Fukishima, despite the fact that that exact same reactor design is used here in the states...
"... the SEC's revolving door policy where former SEC workers go to Wall Street to aid and abet their clients to skirt the law, and avoid SEC entangements."
the case was made in America, Europe, Britain and even smaller jurisdictions like my own that this 'revolving door' would give Regulators the commercial nouse and insider experience to help regulate, investigate and presumably prosecute better
the case (a total failure now also a total lie) was made (by bankers?), the proof is AWOL, the reality just stinks. In fact the proof points toward the revolving door shutting down investigation, sitting on evidence, seizing up prosecution and indeed worse, covering up illegality. Total and utter stinking corruption.
Kick the worthless corrupt regulators into the sewer where they belong
The only Regulator that ever works is the free market
PS: great read/article, thanks ZH
This is a good piece, but I'm still not sure why the Tylers think the crash (if it ever comes) will lead to something better. If it would, the elite wouldn't have planned it all along.
Either the crash will lead to something far worse, or it simply won't happen. It appears that most of this is simply about consolidation of power, massive wealth transfer, and depowerment of the middle class. Too many people made money in the nineties. The elite need more debt slaves, not more empowered people. That's what all of this appears to be about.
And of course free markets can empower people. And the internet is scaring them shitless. They can't quite figure out what to do about that one.
Once the scales are really, really tipped in their favor again (massively), they might allow the markets to free up a bit--or not.
The massive theft going on now is unlike anything I have seen in my lifetime.
i agree that the crash will lead to something much more corrupt and opaque, not better
Preach it - they're all Working For The Clampdown.
ALL major legislation ends up supporting the large, established players who understand that their wellbeing depends only upon a willingness to drop millions of shareholder's money on buying off politicians lobbying.
The trick is to write the rules in such a way as they don't apply to you.
I'm really surprised by all this. I thought the SEC modelled themselves on the FSA..................oh, wait
that's the FSA that saw no evil, heard no evil, said no evil
The FSA's 'investigation' of the British banking shambles cleared the under-capitalised, over-leveraged, gambling junkie banksters, they did anything wrong leading up to the crash and subsequent massive bailouts for the errors of, well you guessed it, the FSA, Bank of England and Treasury not regulating these out-of-control financial gambling joints
so the £Trillion bill hooked onto taxpayers to repay represents what?
Or was it the TSA ?
"Regulation Theater."
It nefarious all right, but the author has it backwards. Bribery used to be you did something for them and than they paid you off. Now you continually do what they want WHILE IN YOUR REGULATORY job and you get a "bribe" (AKA a "job" - wink wink nudge nudge). The good folks don't need Nazarath to fall over themselves doing what the banks want...
I think it is about time Wall Street started paying or the cost of running the SEC. The current situation is nothing better than having a pedophile running an orphanage.
Mary Scapiro, who is she? She is a dingbat hired by Debt Brother to do what Goldman and JPM tell her to do.
Could we expect anything else?
Mary Schapiro is a cunt
Shapiro got the job because she proved she could keep her mouth shut while running FINRA. I wonder what her next promotion might be? It never pays to mess with TPTB. Ask Ron Paul. The added layers of regulation are meant to be a obscuring curtain to operate from behind. Every law they pass will only make it worse. Its just not feasible to believe that a $80-$120k/yr regulator is going to risk his job going up against multi billion dollar firms. I'm pretty sure a cop is not going to ticket Donald Trump for speading. The only thing that works is transparency and a free market.
you don't get transparency in a free market (or a regulated for that matter)
you get sharper consumers
....rather than dull-fuck corrupt regulators running around with cans of white wash and brooms to sweep all the skeletons into the cupbaord (Lehmans? AIG? Fannae? Freddie? Silver? MF Global?)
it was investors protesting with banners outside Madoffs New York offices that forced the hand of Police and Regulators to prosecute
I guess transparency would be effective only in an environment where one is willing to see. Obviously many are not, head in the sand and all. Plus an ever growing percentage of the "system" is dependant on the unwillingness of both the perpetrators as well as the muppets to acknowledge reality. In some ways the system is fully transparent now, even if all the facts are not.
Let's be truthful. Madoff was prosecuted and jailed because of WHO he swindled.
And it sure as hell wasn't because of the SEC or FINRA!
Madoff was prosecuted and jailed because he stood on Park Avenue and confessed his crime. If he had played out the denial card like Corzine, he would have been fine.
Partially accurate, perhaps. But in reality it was just history repeating itself. Madoff whas the Richard Whitney of his time. It's pure poetry that Madoff was born just 17 days after Whitney was hauled off to Sing Sing.
Who shall guard the guards ?
We need to make malfeasance / misfeasance a capital crime. I'm sure that would focus the regulators a little more.
If nothing else it allows us to enjoy hanging those who swore 'to protect and to serve'.....and then didn't.
The Greatest Country in the World is a Kleptocracy....and no one cares cause no one does anything, but whine!!!!!!!!!!!!!!!!!!!!
Maybe whining would have won WW II and those poor boys spilled their blood when they could have just whined!
Well at least we have the justice covering our backs - protectingt us from those evil pot dispensaries in California, and all.
I was convinced the SEC was a SCAM when Harry Markopolos wasn't offered the top job.
The only compliance the SEC oversees is making sure the porn filter is not activated.
My comment to everything - today at least: http://www.youtube.com/watch?v=HRx49-leiRE
The squid runs the show.
Understand the SEC is hiring Hollywood actors to put on more shows for the media.
Amazing, I never thought someone out there gave better Head than Maria Bartiromo, guess I was wrong.
I know longer care. I now just prepare. YMMV
Maybe they have the wrong person in charge there. Any possibility of transferring Janet Napolitano?
these same very brainiac analysts could not see what davidBoise pulled by agreeing with bush's lawyers that the Supremes had electoral jurisdiction in 2000?
not according to the Constitution, but that didn't matter then, for some reason
can you guess the reason?
it was and IS p.a.r.t.i.s.a.n.s.h.i.p.
pretty hard for partisan ideologues to see that, tho
that is about all that is happening here, too
full-time
the idea that "wall street" likes dodd/frank is hilarious; the democrats controlled both houses of congress and the wHouse
so bloomie is blowing smoke up everyone's ass here
the bill does contain "something for everyone" i'll admit
but it isn't a "wall street" hit job; it simply is not
it HAS allowed the democrats to control things quite tightly, as you may or may not have noticed, depending on how utterly brain-dead you may be
wall street is not happy with THAT
dodd-frank is a new FED bankstering law, and the neoCons want to rule the worly with fascism and do not like "liberals" keeping them from working with the zionistas to do their "holy" work best exemplified by lying to everyone about the need to stop a madman with WMD to commit genocide
the madman had NO WMD; he was the only person on the planet telling us the TRUTH about the main issue
or hadn't you noticed? he was more REAL than all the "coalition" leaders and their whip-sock lackeys in the UN
they were the propaganda machine; the "hitlers" here; saddam was simply a run-of-the-mill "elected" strong-man in a muslim nation
\he let the UN instecots in for a long time and they REPORTED that he appeared to have no WMDs, but that wasn't the "right" answer
the idea that the same dynamics could be playing out in the 2012 prez race seems crazy to the ideologues; wouldn't they know it if someone were lying to them?
Wall Street likes laws that are controlled by a politcal machine that they can control. They have no party affiliation other than who can service them best.
We invaded Iraq, and hung Saddam, because: Saddam was pricing oil in EUROs.
This underminded the PETRO-DOLLAR and the whole fucking Treasury Bond Ponzi scheme.
Iran is now pricing oil in gold weight, again, threatening the PETRO-DOLLARS place as the world reserve currency and the Treasury Bond Ponzi scheme.
We must stop these lunatics who will wage war and kill the whole planet to maintain the PETRO-DOLLAR.
The Pentagon is on to the scheme and is telling the IDF to go fuck themselves.
I hope the Protestants, in the Pentagon, will end this crazy bullshit and tell the WH and Bi Bi to go to hell!
I hate to use the word "expert" but I am a bit of an expert on DF (to the extent ANYONE could be one) and it is a complete farce. The actual legislation was 874 pages (this was after they changed the font size to ensure the number of pages was under 1,000) and of the 30% of the regulations passed so far needed to enact DF, those regulations total over 8,000 pages. That is 10 to 1 people. The source of that information Davis Polk.
“The more corrupt the state, the more numerous the laws.”
? Tacitus, The Annals of Imperial Rome
This "Muppet" just emailed my CONgress Members, of course it will be ignored since they help enable Wall Street turn us all into 'Muppets". It did however make me feel better for about an HFT nanosecond.
Dudes, it's the matrix. Who hasn't figured it out yet. One big web of fabricated reality connected to other equally bogus ones. Doesn't matter if its sports, drugs, politics or finance. All these are rigged and only serve the purpose of keeping the worker bees (seemingly) happy while the string pullers enjoy their power and money trip.
Wall St., the SEC.......all one big Jew-fest.
You left out the all important main stream media. Oops, forgot about hollywood.
We need IQ requirements on this site.
Those are simply facts my friend. Go check out who runs just about every major network and studio. Or just continue sticking you head in the sand.
Maybe you don't understand posting but the comment was directed at the idiot making the "Jew-fest" comment. If I was commeting on you it would have been under yours. I typed slowly for your benefit.
Why is he an idiot?
Is what he said untrue... or... do you mean that you're not allowed to speak certain facts or wonder if those facts might be deleterious to the interests of the nation as a whole {esp. with regard to foreign policy}.
come on now - it's fun to show everyone how much you hate nazis, but if you're denying facts to serve your peculiar worldview - I call bullshit.
p.s. see my post below. I'd genuinely be interested in a [non ad hominem] reply...
He is an idiot because he told me to get my head out of the sand while I was commenting on someting not related to what he was talking about. BTW, i have no dispute with what he said re: media and hollywood. I took issue with the Jew comment and still do. I am kinda positive that Bob Dimond is not Jewish, nor is Paulson, nor is Timmy. It has nothing to do with one's culture, religion and ethnicity. IMHO, it has to do with lack of moral grounding or lack thereof.
The corrupt Shapiro and Gensler, along with Geithner and Holder ALL need to be in hard core prisons for many years... their corruption can be laid at the feet of the imbecile Obama. Mitt may well be with the crooks... but maybe not. Obama is a known facilitator of the massive corruption, so why not give Mitt a try? Just because he was a shark and an asshole at Bain (which is what he was supposed to be), does not mean he will allow rampant crime to consume our financial system like Soereto has.
Sure, I would like to give Mitt the benefit of the doubt too, but you must realize that the two party system is but two sides of the same coin. The only thing that must never happen is a new party or somebody (like Ron Paul) that won't play game. The presidency is actually very limited in what it can or cannot do by influence peddlers, advisors, the military industrial completx and of course high finance.
@ loveyajimbo?you've got to be kidding.
What's the difference between Mitt and Barry? Mitt would spend 1% less? Lol, what a joke. Who even votes anymore?
the careerist corporate toady Shapiro showed her conniving hand in recent attempts with Tim Geithner to slap regulations on the government coveted pool of more than 2.5 trillion dollars in money market funds, requiring minimum deposits and stiff penalties for early withdrawal. although stymied in this money grab by one vote On the SEC five member panel, she promised more efforts in that regard in the future. with more than $300 billion withdrawn in the panic of 2008. the government kleptocracy has eyes for the money market funds as a easy source of potential liquidity. Shapiro's not only blocked any effective regulatory oversight but is carrying water for her corporate/government handlers. http://www.businessweek.com/articles/2012-08-23/money-market-funds-stabl...
i wonder if they all also attend the same synagogue where they talk [off-line] about how to money-change the muppets
These are the people I hated in high school... and college... and while temping at law firms... and working in real estate. They are eager for the opportunity to sell-out and become an insider. Pathetic people who have to cheat to win.
AMERICAN WHORES of BABYLON ...bitchez.
In Italy, we call them "Mafiosi"; in the US, they're called "Lobbyists"
'these shylock's' must have their insatiable pound of flesh -- ghouls are they... that fornicate in a temple so dark that ones presence is blinded only by a hooked nose -- the sound of piglets squealing, and the joy of sodomy abounds ... whilst drinking the sacrificial demon's blood, all the while gorging on a newborn child of a kinder race bathed in sweet excrement -- thusly, this breathing carrion cannot stand without methistopheles blessing's straddling hades'... thy kingdom come - all hail their golden god of brimstone... thou belial of shalom...'
:-(<
Well said intrduction, worth repeating. It brings to mind the query, what does it take? What does it take?
"That the SEC is the most incompetent, corrupt, irrelevant and captured organization "serving" the US public is known by everyone. And while the details of the SEC's glaring lack of capacity to do anything to restore investor confidence in the capital markets, which has become a casino used exclusively by Wall Street to defraud any retail investor still stupid enough to play (which lately a moot point as there have been no material retail inflows into mutual funds in over three years), are scattered, courtesy of Bloomberg we now have the best summary of just how the utterly clueless SEC is a muppet plaything of Wall Street, and together with it, the "grand regulation" that was supposed to keep Wall Street in check, is nothing but what Wall Street demand it to be, and forced the SEC, way over its head on regulation, to accept every change, that the very banks that are supposed to be regulated, demands as part of Dodd-Frank reforms. In short: everything we know about Wall Street 'regulation' has been a farce, and a lie, exclusively thanks to corruption rampant at the now documentedly incompetent Securities And Exchange Commission."
Apropos of little:
Though only an unthinking hatemonger could find this curious, the heads of the fed, the fdic, the cftc, sec, council of economic advisors, CBO, office of budget and management, the council on jobs and competitiveness, the financial crimes enforcement unit of the treasury....indeed, and verifiably - just about every office in the executive branch [including the senior advisor, senior counsel, and chief of staff] dealing with financial regulation or investigation is chaired by someone who happens to be Jewish.
A group comprising 2.5% or so of the population. Which seems to run counter to the 'diveristy' and 'multiculturalism' ethos which was hammered into me, anyway.
So, yes, I understand that even bringing this up means I'm an irrational hate monger and everything, but, if so... why is it okay to worry about how many whites are on the nypd?
http://en.wikipedia.org/wiki/Executive_Office_of_the_President_of_the_United_States
http://en.wikipedia.org/wiki/List_of_United_States_federal_agencies
Darth,
Three years ago I never knew this. And the same can be applied to England for anyone who would like to look it up. I thought folk were just hate mongering, but seeing as its true, what do you call it now then? And seeing a firm called AIPAC decides what America does and what by proxy England does, and why do jews want so many positions in the money matrix?
This is not anti semite, far from it. This is genuine fucking concern as to what agenda jews, zionists or whatever the fuck you want call them have. Perhaps isreal deserves to be left alone from us western powers and be allowed to fend for itself. Seeing as these clever fuckers are gods chosen people I am more than sure god will hold thier backs. Why the fuck would they need the USA and fucking England for fucks sake?
Please read this link. I think you will be suprised. The author is a Jew.
http://198.62.75.1/www2/koestler/
Now know the whole truth!!!!
The jews really want to hide this.
Please read this link. I think you will be suprised. The author is a Jew.
http://198.62.75.1/www2/koestler/
Hey, just bringing up what you said here will cost you your job in just about any position, high or low, if you have an audience. Guess where the whole policial correctness thing emanated from. Out of thin air? One guy pulled it out of his ass? Of course not, it was a pretty clever scheme by the MSM to put a lid on what people can say publicly, regardless if true or not. If Romney or Obama would say in a speech, 'What has Israel actually done for the US lately other than being a big headache', well that would be lights out for him!. The press would destroy him in no time.
So could you please extend you version of logic to these facts; blacks make up about 16% of our population but 59% of the prision population?
You know what the big problem is, Darth Mul? "They" could just be hella lot smarter than their competition.
You should really consider the implications of what you're saying.
All those Gentile Anglo-Americans in the economic/financial/monetary 'industry'(and their 'regulators') in the USA sure can fuck up a wet dream can't they? I think it's high time we let some Jews run the shew. We need some smart Jews at the top of outfits like the SEC and the CFTC. They would shape up that shit in a hurry!
/s
Crooks at SEC CFTC, theres not enough time left to steal...
The city of london is behind all of this.
very sad read!
sigh .....
Glass-Steagall
It works, it's what's needed, it stops the frauds killing us, and it's probably shorter than the Bloomberg article. The real meat of Glass-Steagall can be done in about three pages.
Shapiro could screw up a two car funeral. She should be breaking rocks with Greenspan and Gensler and Geithner, and and and>>>>>
"'In the end, whether she or anyone in the agency agrees with a particular viewpoint or a specific request depends on whether it furthers the mission of the agency,' Nester said."
Which is? Oh yeah I remember. Watching as much porn as possible at work.