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Goodbye Mary Schapiro: Grassley Asks SEC To Account For Illegal Document Destruction

Tyler Durden's picture


Flashing headlines:


As a reminder, Grassley is after Stevie Cohen. If Mary Schapiro indeed willingly destroyed docs that exposed SAC as a criminal organization, she is going to prison. And if indeed this is true, in the aftermath of Madoff, that is where she belongs.

And for more from Grassley we go to Matt Taibbi who broke this story in the Rolling Stone by continuing to do the work of investigative journalists, who rather prefer to be fed teleprompted lines on comcast's fincomedy channel as quite unquote laughter inducing anchors, instead of actually performing, you know, investigative journalism.

The destruction of records by the SEC, as outlined by Flynn, is something far more than an administrative accident or bureaucratic fuck-up. It's a symptom of the agency's terminal brain damage. Somewhere along the line, those at the SEC responsible for policing America's banks fell and hit their head on a big pile of Wall Street's money – a blow from which the agency has never recovered. "From what I've seen, it looks as if the SEC might have sanctioned some level of case-related document destruction," says Sen. Chuck Grassley, the ranking Republican on the Senate Judiciary Committee, whose staff has interviewed Flynn. "It doesn't make sense that an agency responsible for investigations would want to get rid of potential evidence. If these charges are true, the agency needs to explain why it destroyed documents, how many documents it destroyed over what time frame and to what extent its actions were consistent with the law."

Read the full thing at Rolling Stone


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Wed, 08/17/2011 - 15:40 | 1570038 Boilermaker
Boilermaker's picture

She has a "matter of national security" letter like the one in Patriot Games.

-or- the AG will simply not prosecute the case.

Either way, it'll go away faster than the BP oil.

Wed, 08/17/2011 - 15:40 | 1570051 egdeh orez
egdeh orez's picture

Schapiro is such a skank

Wed, 08/17/2011 - 16:14 | 1570243 pesamystik
pesamystik's picture

Why is a Jew a head of every financial instution in this country?

Bernanke, the Fed

Gensler, CFTC

and our good friend Mary, of the SEC.

Jesus, it's like we're actually living a bad Nazi propaganda film where Jews really do control the money supply.

Wed, 08/17/2011 - 16:26 | 1570303 Fazzie
Fazzie's picture

Yeah, their actions today just like in Wiemar Republic days do little to dispel the supposed myth.

Wed, 08/17/2011 - 20:08 | 1570968 rocker
rocker's picture

Don't you mean their lack of actions.  The capital markets, the stock market and the bond market are casino ponzi scams.

If they want to do their job, they can start by throwing anybody out who has a software based system designed to manipulate stock prices.

All the excuses, we provide a different view, we provide liquidity and we provide price discovery are phony.

The only thing HFT's do is steal invested dollars from those who would like to invest. They buy and sell the same securities in seconds.

It is total Bullshit. It is worse than what Bernie Madoff did. They pump up prices and have taken over the market.

Now they have their computers plugged in front of wall street's computer. Call it a filter to steal your money.

They wonder why everybody is leaving and fund managers like Blackrock are now salesman for the market's thieves, including themselves.

Please let the market crash soon and blow up all the HFT groups in one crash.  Then we can once invest again after they are broke.

The fun of the markets is gone. Everything is sooooo leveraged up, even now.

Wed, 08/17/2011 - 16:27 | 1570310 tmosley
tmosley's picture

It's easy to cite that every financial institution is a jew when you cherry pick the ones headed by jews.

Timothy Geithner is not a jew.

Martin Gruenberg (acting chairman of the FDIC) is not a jew.

John Stumpf (CEO and President of WFC) is not a jew.

Jamie Dimon (CEO of JPM) IS a jew.

Vikram Pandit (CEO of Citigroup) is not a jew.

And those were just the first 5 that came to mind.

Wed, 08/17/2011 - 16:51 | 1570444 Paul Bogdanich
Paul Bogdanich's picture

The point of the matter is and always has been when a country has a certain religous minority who only represent 2% of the total population how is it that they represent approximately 40% of the high rank financial types, approximately 55% of the high rank entertainment types and about 25% of high rank government types except in the security establishment (FBI, CIA, DOD & NSA)?  I should also say the same minority is also overrepresented in professorships, medicine and music but those activities are considered non-threatening so are less often mentioned.  The best answer I have ever hear is the religion in question is the only one of the "People's of the book" that does not have a strong anti-intellectual strain as a foundation of the religion.      

Thu, 08/18/2011 - 00:59 | 1571605 Joseph Jones
Joseph Jones's picture

Once Judaism becomes the complete law of the land (it pretty much is almost there now, Congress already passed a law in 91 IIRC instituting the "Seven Noahide Laws" which is just code for the Talmud), jewish medical doctors will STOP treating goyim on the Sabbath.

Such is against Judaic law right now.  But they are given permission to disobey the law only because to do so would cause harm to jews.  Once they have complete control, forget it stupid goyim, you'll just have to not have your heart attack or stroke or car accident on Saturday or you'll have to die.

So it's "dead" wrong (no pun intended) to say jewish md's won't cause harm to goyim.


Wed, 08/17/2011 - 17:00 | 1570487 Marge N. Callz
Marge N. Callz's picture

But guess who is: Hall of Famer Rod Carew - he converted.

Wed, 08/17/2011 - 17:13 | 1570549 Fazzie
Fazzie's picture

Are you sure about Gruenberg? Lol. Im not suggesting all Jews are crooks, It just seems to me that the highly visible influintial ones that just happen to control vast sums of money should perhaps hold themselves to higher ethecal standards lest the historical stigma be perpetuated.


Wed, 08/17/2011 - 17:18 | 1570565 markar
markar's picture

excuse me. Geithner is a Jew, Dimon is not.

Wed, 08/17/2011 - 18:11 | 1570716 Minimum Clearance
Minimum Clearance's picture

Geithner was raised an Episcopalian and was married by a United Church of Christ Minister.  He is not Jewish.

Thu, 08/18/2011 - 00:29 | 1571573 Robsabi
Robsabi's picture

Nor is Dimon Jewish. He's the son of Greek immigrants, and is Greek Orthodox. But if it makes assholes feel better to just declare what they want to be the case to be true to support their preconceived idiocy, who are we to burst their bubble? Other than not being bigots on autopilot, that is.

Wed, 08/17/2011 - 18:21 | 1570750 pesamystik
pesamystik's picture

Well, Tmosely has admitted to being a Jew in many threads. He is basic our token Jewish crusader on ZeroHedge, constantly demanding any talks of Jewish people be banned from the conversation. I would take his opinion with a grain of salt.

Furthermore, the head of JPM is not nearly as important as the had of the Fed, CFTC, or the SEC. That being said, while there are some gentiles in positions of power, there are a vast disproportionate amount of Jews in finance, and at the very top of the pyramid.

The Fed, SEC, and CFTC are the three most important financial positions in the country, and the Fed is probably the most important in the entire world. With the exception of Volcker, every head of the Fed has been a Jew. Considering their extremely small percentage of the population, and how the Fed historically has transferred money from everyone else to the top 1%, many are starting to see the racket for what it is.

Also, from my understanding, Geithner is indeed not a Jew.


Wed, 08/17/2011 - 19:57 | 1570951 DeadFred
DeadFred's picture

Of course Volcker is an outlier based on behavior as well as religion.

Thu, 08/18/2011 - 00:26 | 1571570 Rick64
Rick64's picture


This is from the Jewish Chronicle Online

All the main candidates for the crucial job of Treasury Secretary, the man who will have to deal with the global financial crisis, are Jewish. They include Robert Rubin and Larry Summers, who both held the job in the Clinton Administration, former president of the Federal Reserve Paul Volcker, president of the Federal Reserve Bank of New York Tim Geithner and even New York Mayor Michael Bloomberg, who is mentioned as an outside candidate.

Geithner worked for Kissinger Associates in Washington for three years

Thu, 08/18/2011 - 00:39 | 1571586 Robsabi
Robsabi's picture

Well, it just goes to show that Jews aren't perfect either, but rather are only exactly human, just like you sorry sons of bitches. His was married, for example, in a United Church of Christ ceremony.

Thu, 08/18/2011 - 00:51 | 1571597 Rick64
Rick64's picture

Many don't practice Judiasm, but are still Zionists. I believe their statement to be true, his ancestors are Jewish.

Thu, 08/18/2011 - 01:11 | 1571608 Joseph Jones
Joseph Jones's picture

Cross a jew, profess the truth about the Talmud and the Rabbis, in most professional fields, your life is over. 

From Judaism Discovered, Michael Hoffman (a so-called "Judaic"), pg 438 top


Judaism’s Talmud, Soferim 15, Rule 10.  This is the saying of Rabbi Simon ben Yohai: Tob shebe goyyim harog (“Even the best of the gentiles should all be killed”).  From the original Hebrew of the Babylonian Talmud as quoted by the 1907 Jewish Encyclopedia, published by Funk and Wagnalls and compiled by Isidore Singer, under the entry, “Gentile” (p. 617).  Some translations conceal this Talmud passage.  The Jewish Encyclopedia states, “…in the various versions the reading has been altered, ‘The best among the Egyptians’ being generally substituted.”  In the Soncino version: “the best of the heathens” (minor Tractates, Soferim 41a-b)*


* Jewish Press, June 9, 1989, p. 56B       


Hoffman demonstrates throughout his book: The Talmud is Judaism’s holiest of all holy books, far above the O.T., which Judaism believes to be a poem only understood through the Talmud interpreted by a Rabbi.  In other words, Judaism is all-Talmud all the time.  The above passage is in full effect same as when authored.  The Talmud instructs the Rabbis to lie and obfuscate the truth of such passages to naïve goyim, only until Judaism rules supreme over the land, at which time all such passages are subject to immediate enforcement.


Something interesting I noticed within the past 6-8 weeks ago here at ZH.  A member proposed that a guest editor with MS or some other debilitating disease should "die".  He proclaimed it multiple times with great enthusiasm.


I remember not one other member (including myself, guilty) posted something like "shut up you evil bastard" or anything like that.


Then...couple weeks ago another member posted links and stuff about jews (I think his sources were good and sources I'm very familiar with).

Almost immediately the tired old "anti-semite" slur comes out to make the guy shut the heck up.

Interesting to compare the two reactions. 

Wed, 08/17/2011 - 16:35 | 1570362 IMA5U
IMA5U's picture

it's because they are smarter than us



Wed, 08/17/2011 - 23:51 | 1571485 Lowest Common D...
Lowest Common Denominator's picture

It's because, back in the day, Xtians were forbidden by their religion from charging interest, so they set up the Jews to run the banks.  The rest, as they say, is history.

Thu, 08/18/2011 - 00:51 | 1571598 Joseph Jones
Joseph Jones's picture

Didn't you know that Hitler made it permanently safe for the Rabbis to do whatever they want?  The stupid goyim give the Rabbis a permanent teflon shield called the "anti-semite" slur.  

Thought I'd squeeze this in quick before the first anti-semite slur arrives for your bold post: Most goyim know little about the fact that the Rabbis themselves say Hitler did God's work against the jews who did not walk in step with the Rabbis.




Wed, 08/17/2011 - 16:23 | 1570287 max2205
max2205's picture

Good riddance you fucking CUNT

Wed, 08/17/2011 - 15:44 | 1570082 IQ 145
IQ 145's picture

It'll die faster than the "we got Osama Bin Laden, but we lost the body on the way home", story.

Wed, 08/17/2011 - 16:03 | 1570138 Boilermaker
Boilermaker's picture

Well, I would be neglectful if I didn't mention the enormous flaming pelican off the coast of Los Angeles that looked a shitload like a submarine launched Chinese ICBM.

Just tossin' that out there.

Wed, 08/17/2011 - 16:06 | 1570194 Ancona
Ancona's picture


Too bad about that million dollar a year job in "the industry" you won't get now, bitch.

I hope you enjoy non-consensual lesbian prison rape parties.

Wed, 08/17/2011 - 17:20 | 1570572 WonderDawg
WonderDawg's picture

Taibbi is a great journalist but, unfortunately, nothing is likely to come of this. His previous articles stir up some shit for a short period of time, everyone is up in arms, and then it gets replaced in the collective public awareness by some other shitstorm. I appreciate his efforts, though, and hope that my cynicism is wrong this time.

He's got some stones for putting this out there and I admire his diligence. Hope he doesn't have a mysterious car accident.

Wed, 08/17/2011 - 15:56 | 1570150 FatFingered
FatFingered's picture

Or even faster than that Fucu...Fukushi...sushi...uh...What was the name of that Japanese Plant thingy story?

Wed, 08/17/2011 - 16:18 | 1570259 Dr. Richard Head
Dr. Richard Head's picture

In my 100 rounds of silver I purchased today I came across two 9/11 rounds.  One says "We will never forget" and the other says "Land of the Free."  Being the skeptic I am I read them as "I will never forget how 9/11 was used to subvert the 'Land of the Free'"

Wed, 08/17/2011 - 15:44 | 1570083 Bastiat
Bastiat's picture

Inaction Jackson will be ON the case!

Wed, 08/17/2011 - 15:46 | 1570095 Popo
Popo's picture

Exactly.  If you pull this thread, the entire ball of thread comes unraveled.   This is racketeering.  It is 100 organizations and tens of thousands of people that mutually profit, and protect one another.  


Wed, 08/17/2011 - 15:49 | 1570113 IQ 145
IQ 145's picture

Sounds like the Federal Government to me; oh wait.

Wed, 08/17/2011 - 15:52 | 1570129 Troll Magnet
Troll Magnet's picture

schapiro will be convicted, pardoned, then named to the board of directors at JP Morgan after turning down similar offers from Citi and Goldman.

Wed, 08/17/2011 - 18:59 | 1570852 Judge Holden
Judge Holden's picture

If you drop the phrase "convicted, pardoned, then", you're sentence would be a lot more accurate.  What makes people here (including Tyler) think she will even be indicted?

Wed, 08/17/2011 - 19:47 | 1570937 Rodent Freikorps
Rodent Freikorps's picture

Mid level fall guy and she is golden.

Did ya hear the three supervisors of Fast and Furious got promoted?

This is your government saying, "Fuck you."

Wed, 08/17/2011 - 15:56 | 1570151 Boilermaker
Boilermaker's picture

Well, you don't REALLY want to know what's in the you?

Wed, 08/17/2011 - 15:59 | 1570160 The Wolf
The Wolf's picture

Clear & Present Danger...

Moira... the machine is still on...

Wed, 08/17/2011 - 16:25 | 1570282 Robslob
Robslob's picture




Dear Friend:      Thank you for contacting me regarding the Federal Reserve System.  I welcome your thoughts and comments.        On November 3, 2010, the Federal Reserve announced a new program to buy $600 billion of United States Treasury bonds over an eight-month period.  Through this program, known as quantitative easing, the Federal Reserve aims to lower interest rates as a means to encourage businesses to borrow money at low rates to use for growth and investment.        This is the second round of quantitative easing (QE2) used by the Federal Reserve in response to the economic recession that our nation continues to face.  From November 2008 to March 2010, the Federal Reserve purchased $1.7 trillion of Treasury securities and mortgage-backed securities, a purchase program that pushed the Federal Reserve’s balance sheet to nearly $2.4 trillion.  In March 2010, citing improved economic conditions, the Federal Reserve stopped buying additional securities, and began to shrink its balance sheet.        However, our nation’s economy has seen little improvement.  The national unemployment rate remains high, hovering at 9%, and the home foreclosure rate continues to be problematic.  Despite efforts to increase business lending and growth, many businesses, large and small, remain hesitant to pursue new projects due to lingering economic uncertainty.        I am pleased that Congress removed some of this uncertainty by extending important tax relief from 2001 and 2003.  This ensures that every American is spared from looming tax hikes, and I believe that this tax agreement will spur economic growth and job creation that our economy needs.  Unfortunately, great uncertainty remains with the implementation of President Barack Obama's health care law, onerous regulation from federal bureaucracy, and out-of-control spending.        Despite my opposition to increased spending, the federal government has posted deficits of $1.4 trillion and $1.3 trillion over the past two years.  Our nation’s debt is on an upward trajectory, recently surpassing an historical $14 trillion benchmark in December 2010.  The federal government is simply not demonstrating the federal responsibility our nation needs.        Through monetary policy, the Federal Reserve is only following suit.  Since its inception in 1913, the Federal Reserve System has served an important role in our financial system.  However, I am concerned with the extraordinary and unprecedented actions taken by the Federal Reserve to address our nation’s current economic downturn, particularly programs such as two rounds of quantitative easing that could ultimately swell the Federal Reserve’s balance sheet to nearly $3 trillion.        I voted against the nomination of Federal Reserve Board Chairman Ben Bernanke to serve a second term, and have expressed my concerns to him about the risks of the Federal Reserve's actions, especially with regard to potential future inflation.  I have also consistently supported efforts to bring greater transparency to the Federal Reserve and its newly created programs.        With my support, a measure to bring greater transparency to the Federal Reserve was included in the Wall Street Reform and Consumer Protection Act (P.L. 111-203).  This amendment requires two audits to be completed by the Government Accountability Office by July 21, 2011.  The first will be a one-time audit of all emergency lending and other financial assistance provided by the Federal Reserve from December 1, 2007.  The second is an audit of the governance of the Federal Reserve System, and is specifically an analysis of how bank directors are appointed.  Once completed, both of these audits will be posted at:        In addition, this measure required the Federal Reserve to disclose online all loans and financial assistance provided from December 1, 2007 through July 21, 2010.  To access this information, visit:        In reviewing this disclosure, I am particularly troubled by the amount of emergency assistance extended to foreign banks and non-financial institutions.  With more recent actions such as QE2, I believe there should be even greater transparency within the Federal Reserve.  During the 111th Congress, I supported additional measures to bring even greater transparency to the Federal Reserve.  I was a co-sponsor of S. 604, the Federal Reserve Sunshine Act, to require a full GAO audit of the Federal Reserve.  I will continue to support legislation to increase transparency at the Federal Reserve.        As Congress considers legislation to stabilize our financial system and improve the disclosure and accountability of financial regulatory authorities, you may be certain I will keep your views in mind.  I appreciate hearing from you, and I hope that you will not hesitate to contact me on any issue that is important to you.   Sincerely, Kay Bailey Hutchison United States Senator   284 Russell Senate Office Building Washington, DC  20510 202-224-5922 (tel) 202-224-0776 (fax)
Thu, 08/18/2011 - 06:01 | 1571807 APC
APC's picture

I agree.

Wed, 08/17/2011 - 15:40 | 1570041 Biggvs
Biggvs's picture

And today's piece from Matt Tiabbi to go with it...

Wed, 08/17/2011 - 15:43 | 1570075 Popo
Popo's picture

"Access Denied" on above link

Wed, 08/17/2011 - 15:44 | 1570084 jo6pac
jo6pac's picture

Yeh I got that on an earlier story

Wed, 08/17/2011 - 15:50 | 1570120 Sean7k
Sean7k's picture

Worked fine for me.

Wed, 08/17/2011 - 16:19 | 1570269 banksterhater
banksterhater's picture

works fine,  I stopped reading in disgust when Matt said (somewhere along the way the SEC fell and hit it's head on a pile of Wall St money...) that's destined to be a classic hahahaaaaa

Wed, 08/17/2011 - 15:55 | 1570144 HelluvaEngineer
HelluvaEngineer's picture

Oh sorry.  That was just the internet kill switch.

Wed, 08/17/2011 - 15:55 | 1570146 Sudden Debt
Sudden Debt's picture

maybe your porn filter kicked in?

SEC DOES WALLSTREET reminds me of another movie.... a classic...


Wed, 08/17/2011 - 16:22 | 1570284 JW n FL
JW n FL's picture

Is the SEC Covering Up Wall Street Crimes? A whistleblower claims that over the past two decades, the agency has destroyed records of thousands of investigations, whitewashing the files of some of the nation's worst financial criminals.
Wed, 08/17/2011 - 16:04 | 1570201 navy62802
navy62802's picture

Ever since Taibbi's "vampire squid" piece about Goldman Sachs, I've been following his writing. This just adds to his list of hard-hitting articles. I am absolutely shocked he hasn't received any awards for his work. Personally, I think the man deserves a Pulitzer. Or at least a Presidential Medal of Freedom for risking his ball sack with the work he's done.

Wed, 08/17/2011 - 16:45 | 1570420 I Got Worms
I Got Worms's picture

Let me fix that for you:

"I am absolutely shocked he hasn't drowned in his jacuzzi for his work."

Wed, 08/17/2011 - 16:19 | 1570264 macholatte
macholatte's picture

piece from Matt Tiabbi


Wed, 08/17/2011 - 16:31 | 1570339 rosiescenario
rosiescenario's picture

Thanks....and yet again we get our best financial reporting from Rolling Stone.......not WSJ, Wash. Post, NYT, FT, etc.

I might be wrong here, but it appears that Rolling Stone is not beholden to anyone on Wall Street and is the only source of unbiased reporting on it.


Personally, I believe we would be far better off with no SEC....people need to do their own hiomework and protect themselves. All the SEC does is lead the innocents to believe someone is protecting them from the bad guys when in fact they are part of the same gang.

Wed, 08/17/2011 - 16:50 | 1570437 dogismyth
dogismyth's picture

everything is tainted including Rolling Stones and....

Ron Paul.  Everything happens for a reason....including this SEC bullshit.

Who cares why happens to the system.  We know what it represents.  The more you ignore this crap, the better off everyone will be.

Wed, 08/17/2011 - 17:36 | 1570619 Fred C Dobbs
Fred C Dobbs's picture

Correct on both points.  Matt Taibbi is the only investigative journalist in the corporate owned news media.  And yes having a SEC and a CTFC just gives the appearance of a government watching out for people.  Their history shows they are there to protect the big Wall Street firms.  Just another lie from the US government.  

Wed, 08/17/2011 - 19:00 | 1570854 Rainman
Rainman's picture

Those emergency powers rules are a sumbitch, ain't they. One decade down and two to go to catch up to Mubarak.

Wed, 08/17/2011 - 16:46 | 1570425 dogismyth
dogismyth's picture

what a stupid fucking question!  Of course the SEC is covering the crimes of the elite....

and  yes Schapiro is a cunt that deserves to be gangraped by a pack of Wall Street dogs.

Wed, 08/17/2011 - 15:39 | 1570044 Troll Magnet
Troll Magnet's picture

Happy days are here again~ 


Oh wait, not yet.  

Wed, 08/17/2011 - 15:40 | 1570045 Sudden Debt
Sudden Debt's picture

storing all those documents cost money. Just ask BAC.

it was the best thing to do.


Wed, 08/17/2011 - 15:41 | 1570052 Troll Magnet
Troll Magnet's picture

yeah...and isn't that like, tradition or something?

Wed, 08/17/2011 - 17:27 | 1570595 M.B. Drapier
M.B. Drapier's picture

And how else are SEC employees going to keep warm on cold winter afternoons? ... no, don't answer that.

Wed, 08/17/2011 - 15:46 | 1570099 IQ 145
IQ 145's picture

The greatest good for the greatest number; it was for stock holder values; you mean we were supposed to keep all that stuff?

Wed, 08/17/2011 - 15:50 | 1570119 Sudden Debt
Sudden Debt's picture



why would you if you can order a new one online for a few bucks?

Wed, 08/17/2011 - 15:40 | 1570049 anynonmous
anynonmous's picture

I imagine that a year or so from now this post will be resurrected as another example of ZH  presicence


Wed, 08/17/2011 - 15:40 | 1570050 surfwon
surfwon's picture

shit might be getting real !!!!!!!!!!!!

Wed, 08/17/2011 - 16:05 | 1570186 Sudden Debt
Sudden Debt's picture

where have you been these last 3 years?!



Wed, 08/17/2011 - 15:40 | 1570053 Archimedes
Archimedes's picture

If this is true I am going to be so Freaking happy! I hate the ugly useless bitch!

Wed, 08/17/2011 - 15:41 | 1570062 Cdad
Cdad's picture

Woot!  Finally, something to break up the two year long meetings between M. Schapiro and Jamie Dimon and Lloyd Blankfien about which SEC laws she should enforce and which SEC laws she should ignore.

Time for M. Schaprio to start meetings with attorneys.

This story really matters.


Wed, 08/17/2011 - 15:58 | 1570155 Translational Lift
Translational Lift's picture

Trying to find someone honest in Gubment is like trying to find a virgin in a whore house......

Wed, 08/17/2011 - 16:22 | 1570279 Dr. Richard Head
Dr. Richard Head's picture

I'n just having a hard time wrapping my head around how the SEC could have even had time to destroy documents, considering all of the quality HD Tranny porn freely available online and iPads.

Wed, 08/17/2011 - 16:16 | 1570247 SheepDog-One
SheepDog-One's picture

Time for Mary to start spilling the beans on everyone....she'll do anything to stay out of gauche orange coveralls.

Wed, 08/17/2011 - 15:42 | 1570063 Cognitive Dissonance
Cognitive Dissonance's picture

Schapiro says "Goodbye Yellow Brick Road"

Wed, 08/17/2011 - 15:42 | 1570069 hambone
hambone's picture

Just some collateral damage in maintaining the PONZI...but seriously, somebody go to jail?  More in your face evidence of how America is sooooo 3rd world.


Wed, 08/17/2011 - 15:43 | 1570071 carbonmutant
carbonmutant's picture

Obama has her back... lol


Wed, 08/17/2011 - 15:58 | 1570159 IQ 145
IQ 145's picture

He's welcome to it. But seriously, a week from now no-one in t he MSN will even know how to spell Shapiro. There's a book in the public library detailing the Bernie Madorff scam, the whole thing, the whole twenty years. As a side line, for completness it includes a sub-plot of the wall-street pro. full time analyst, who got three appointments with the SEC over a three year period, came complete with charts and records and audited statements from CPA;s, and used the exact phrase, 'Ponzi Scheme"; result. Don't call us, we'll call you. His impression; the attorneys at the SEC don't even know how the stock market works. It's horrifying. And it's a giant, expensive government money hole.

Wed, 08/17/2011 - 15:43 | 1570076 Sophist Economicus
Sophist Economicus's picture

But, but, but, we need MORE government regulation!   Based on all of the recent posts on ZH, I say we start a Federal Water Preservation Agency next.   It will do for water what the DOE did for energy scarcity

Wed, 08/17/2011 - 15:55 | 1570148 Troll Magnet
Troll Magnet's picture

great idea!  i need the federal government to tell me what to order for lunch.  maybe gold but i can't eat that worthless shit.  

Wed, 08/17/2011 - 15:44 | 1570086 granolageek
granolageek's picture

Nah, she might have the docs to show that Americans are either paying their mortgages or buying groceries rather than iPads, and Tyler will shit enough golf bricks to balance Greece's budget rather than admit it.

Wed, 08/17/2011 - 15:44 | 1570087 whisperin
whisperin's picture

If you think about all the shit that's happened and been posted about (mostly here at ZH) none of this could have happened without the willing complicity of our regulators regardless of party.

Wed, 08/17/2011 - 15:53 | 1570134 JW n FL
JW n FL's picture

April 3, 2009

BILL MOYERS: Welcome to the Journal.

For months now, revelations of the wholesale greed and blatant transgressions of Wall Street have reminded us that "The Best Way to Rob a Bank Is to Own One." In fact, the man you're about to meet wrote a book with just that title. It was based upon his experience as a tough regulator during one of the darkest chapters in our financial history: the savings and loan scandal in the late 1980s.

WILLIAM K. BLACK: These numbers as large as they are, vastly understate the problem of fraud.

BILL MOYERS: Bill Black was in New York this week for a conference at the John Jay College of Criminal Justice where scholars and journalists gathered to ask the question, "How do they get away with it?" Well, no one has asked that question more often than Bill Black.

Wed, 08/17/2011 - 16:02 | 1570170 IQ 145
IQ 145's picture

It's not exactly complicity; didn't you get the news release about the sec watching porn all day on their government computers? They're government employees, they don't  DO anything. Nothing. People in the Financial Industry are well aware of this.

Wed, 08/17/2011 - 16:31 | 1570337 NotApplicable
NotApplicable's picture

I bet they masturbate. A lot.

Wed, 08/17/2011 - 23:02 | 1571393 Tijuana Donkey Show
Tijuana Donkey Show's picture

I think they might be too lazy.......

Wed, 08/17/2011 - 15:50 | 1570093 BlackholeDivestment
BlackholeDivestment's picture

...this kind of thing is regular order when it comes to government pukes. Anyone that has ever spent time around them knows this and trying to correct them is impossible, usually. Kinda like that last line

Wed, 08/17/2011 - 15:46 | 1570096 Everybodys All ...
Everybodys All American's picture

Plenty of underlings for her to blame.

Wed, 08/17/2011 - 15:46 | 1570100 Bastiat
Bastiat's picture

Whistle blower better move fast in crosswalks!

Wed, 08/17/2011 - 15:51 | 1570122 JW n FL
JW n FL's picture

United States: Obama's war on whistleblowers suffers setback ... - Cached 

3 days ago – Thomas Drake originally faced 35 years jail for leaking ... US President Barack Obama's war on whistleblowers has suffered several setbacks. ... was arrested for illegally downloading more than 4 million articles from ...


  • President Obama's War on Whistleblowers | News - Cached 

    Oct 28, 2010 – Thomas Drake is a whistleblower, a former senior official with ... So why then is the Obama administration threatening to put him in jail for the rest ... Obama has prosecuted more whistleblowers for leaking information ...

  • Inside Obama's “Orwellian World” Where Whistleblowing Has Become ...’s-orwellian-wor... - Cached 

    May 23, 2011 – Why has the Obama Administration prosecuted more whistleblowers (who've dutifully .... But more than that, it's the clanging of jail doors, ...

  • War on whistle-blowers intensifies - Glenn Greenwald - - CachedSimilar

    May 25, 2010 – Yet another prosecution from the Obama DOJ for an act the president ... "If Thomas Drake is convicted and sentenced to jail, this will be ... Most of what our Government does of any real significance happens in the dark. ...

  • Judge Slams Feds For Its Attempt To Punish Another Whistleblower ... - Cached 

    Aug 5, 2011 – Part of President Obama's campaign promise was more transparency and more encouragement of whistleblowing. And yet, as we've noted, ...

  • Wed, 08/17/2011 - 16:06 | 1570196 IQ 145
    IQ 145's picture

    Dude's goin to come up like that banker in Australia a few years ago that committed suicide by shooting himself in the head with a rifle, which his arm wasn't long enough to reach the trigger. This was while he was seated behind the wheel of his car; he had goine to "meet somebody". The rifle was dropped in the passenger side foot well. Declared a suicide immediately.

    Wed, 08/17/2011 - 15:46 | 1570101 jo6pac
    jo6pac's picture


    Sorry but you all seem to have forgotten who the potus is. In 0s world the whistleblower goes to jail and everyone else gets a raise.

    Wed, 08/17/2011 - 15:52 | 1570127 JW n FL
    JW n FL's picture

    This week Max Keiser and co-host, Stacy Herbert, observe the British shock that there is no society. In the second half of the show Max talks to former bank regulator, William K. Black about the absence of justice for banking crimes and whether or not the population plays a role in demanding this justice.

    Wed, 08/17/2011 - 16:07 | 1570203 MolotovCockhead
    MolotovCockhead's picture

    What WHISTLEBLOWER? The next thing you know, they will force the whistleblower to swallow the whistle or worse....2 bullet holes at the back of the head and proclaim it a case of suicide.

    Wed, 08/17/2011 - 16:39 | 1570384 rosiescenario
    rosiescenario's picture

    "...the whistleblower goes to jail and everyone else gets a raise."


    Well, for the benefit of the younger folks here, not much has changed at the SEC. When Ray Dirks blew the whistle on Equity Funding (one of the bigger scams) the SEC tried to roosecute him for having told his clients before coming to them...of course he was not an employee of the SEC and he was being paid by those clients to do the work the SEC should have been doing.

    Wed, 08/17/2011 - 15:48 | 1570111 SovietCong
    SovietCong's picture

    If Mary Schapiro indeed willingly destroyed docs that exposed SAC as a criminal organization, she is going to prison.

    Nobody's going anywhere. Forgetting for a moment that the SEC's boss will likely be shielded by the executive immunity (remember Vollmer's defence during the Maddoff investigation?), I am sure her lawyers, normally paid for by taxpayers as part of her "hold free and harmless" indemnity contract, will aptly demonstrate that she had no actual knowledge and could not have reasonably anticipated something so appalling. And the whisleblower will turn out to be a fired (or deserving to be fired) rank-and-file personally motivated by vengence, avarice or disappointed ambitions.

    Wed, 08/17/2011 - 15:51 | 1570121 Cdad
    Cdad's picture

    So you are saying that my maximum downside on this one is...that Mary Schapiro will be fired?  Excellent!

    I feel a disruption in the criminal syndicate Wall Street banker force.

    Wed, 08/17/2011 - 16:17 | 1570251 SheepDog-One
    SheepDog-One's picture

    Suddenly everything isnt so rosy is the Masters of the Universe land it seems....

    Wed, 08/17/2011 - 19:45 | 1570931 Hi Ho Silver
    Hi Ho Silver's picture

    Suddenly everything isnt so rosy in the Monsters of the Universe land it seems....


    Fixed that for you.

    Wed, 08/17/2011 - 16:09 | 1570214 IQ 145
    IQ 145's picture

    Yep. They're literally above the law. And they don't even have to show up. All they have to do is direct deposit their paychecks and pension checks.

    Wed, 08/17/2011 - 16:35 | 1570358 NotApplicable
    NotApplicable's picture

    Add to that the fact that the SEC has been shredding for almost 20 years now, so it's next to impossible for someone to argue that she wasn't just doing what they always did.

    As always, plausible deniability is a politico's best friend.

    Wed, 08/17/2011 - 15:49 | 1570114 carbonmutant
    carbonmutant's picture

    Darcy Flynn is the one who's life is at real risk here...

    Wed, 08/17/2011 - 15:50 | 1570117 JW n FL
    JW n FL's picture

    Inside Obama's bank CEOs meeting - Eamon Javers - - CachedSimilar

    Apr 3, 2009 – “My administration,” the president added, “is the only thing between you and the pitchforks.” The fresh details of the meeting — some never ...


  • Obama threatens bankers: I'm the only thing standing between you ... - CachedSimilar

    Apr 3, 2009 – “My administration,” the president added, “is the only thing between you and the pitchforks.”… “The only way they could have sent a more ...

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    Apr 7, 2009 – “My administration is the only thing between you and the pitchforks,” Barack Obama told the CEOs of the world's most powerful financial ...

  • Obama: I'm “only thing between you and the pitchforks.” (2009) - Cached 

    Apr 15, 2010 – “My administration,” the president added, “is the only thing between you and the pitchforks.” The fresh details of the meeting — some never ...

  • Wed, 08/17/2011 - 15:51 | 1570123 andybev01
    andybev01's picture

    Her ass is Grassley.

    Wed, 08/17/2011 - 16:04 | 1570181 caerus
    caerus's picture


    Wed, 08/17/2011 - 16:22 | 1570281 Sudden Debt
    Sudden Debt's picture

    do you think she bleeched it?


    Wed, 08/17/2011 - 17:42 | 1570638 NotApplicable
    NotApplicable's picture

    You know, that's a mental image I just didn't need.

    Wed, 08/17/2011 - 15:51 | 1570124 Whalley World
    Whalley World's picture

    She should have stuck to 24 hour porn viewing like the rest of the SEC staff

    Wed, 08/17/2011 - 15:56 | 1570125 hambone
    hambone's picture

    A little OT but maybe related -

    I haven't seen a day where the 10yr T has gone down and remained down like almost always recovers after the Equity sell off abates!?!  Not today...just sitting there at 2.16%...very bad omen???  Bond market is saying evacuate and don't walk, RUN!!!

    Wed, 08/17/2011 - 15:52 | 1570126 buzzsaw99
    buzzsaw99's picture

    Schapiro indeed willingly destroyed docs that exposed SAC as a criminal organization...


    Schapiro indeed willingly destroyed docs that exposed the SEC as a criminal organization...



    Wed, 08/17/2011 - 15:52 | 1570128 notadouche
    notadouche's picture

    Whistleblower will be the first to find out where Jimmy Hoffa and Judge Crata are.  Too bad they won't be able to share this info.

    Wed, 08/17/2011 - 16:12 | 1570232 IQ 145
    IQ 145's picture

    OOH, that's harsh. I understand Jimmy is holding up a concrete pier of a building in New Jersey; but there's new construction all the time.

    Wed, 08/17/2011 - 15:52 | 1570132 gwar5
    gwar5's picture


    Somebody needs to start going to prison and harsh examples must be made, not house arrest. These criminals do what they do and undermine the entire monetary system because they have no fear of the criminal justice system. There is no deterrent.


    "If the battle for civilization comes down to the wimps versus the barbarians, the barbarians are going to win." --- Thomas Sowell

    Wed, 08/17/2011 - 15:54 | 1570139 JW n FL
    JW n FL's picture

    When the elite of a society develop a Morality of Plundering.. it will be thrust upon the people of that society... not only by permitting Plundering but as well the valorizing Plundering.. and it will be perpetuated at all costs.. for fear of losing power over society. 


    University of Missouri Economist William Black Interview

    Dec. 27 (Bloomberg) -- William Black, associate professor of economics and law at the University of Missouri-Kansas City, talks about the outlook for the U.S., European and Chinese economies. Black speaks with Carol Massar on Bloomberg Television's "Fast Forward." (Source: Bloomberg)

    Wed, 08/17/2011 - 16:14 | 1570242 IQ 145
    IQ 145's picture

    The Bible says the Meek will inherit the Earth; but that ain't no way to bet your own money.

    Wed, 08/17/2011 - 16:18 | 1570262 JW n FL
    JW n FL's picture

    The Meek Shall Inherit.

    and if I had my way sooner than later.

    The Meek can get a LOT done with the right kind of Security.

    Wed, 08/17/2011 - 18:58 | 1570851 DCFusor
    DCFusor's picture

    Cockroaches are meek, and radiation resistant.  That's what I thought that line implied.

    Wed, 08/17/2011 - 15:55 | 1570147 New American Re...
    New American Revolution's picture

    Right on!  Of course we'll need to send Mary some company, she has so many friends close to the same situation that need attention   Let's not forget them, remember, they're criminals too. 

    Wed, 08/17/2011 - 15:56 | 1570152 Catullus
    Catullus's picture

    Do left-liberals just blank out whenever the SEC is brought up? It's pretty embarrassing. I mean if I lived my life claiming that you need government to tame the "unfrettered free market" and I saw these articles, I wouldn't be able to cope. It's like telling a kid that Santa doesn't exist: the government doesn't regulate anything. They create the privledges, not ensure an equal playing field.

    Wed, 08/17/2011 - 16:20 | 1570272 TrustWho
    TrustWho's picture

    ...EXACTLY and why liberals are idiots. they do not understand human nature and believe government is a benevolent institution.

    Wed, 08/17/2011 - 17:02 | 1570493 Pay Day Today
    Pay Day Today's picture

    Corporates bought off government more than ever in the last 10-20 years. The much smaller S&L scandal saw over a thousand bankers jailed ASAP.

    These days, the Federal Gubbermint is just another operating division of Banksters Inc., indoctrinated by hands-off Ayn Rand libertarianism and unwilling to act on behalf of the people.

    Schapiro is only going down because you have one Senator who is actually doing his job instead of chasing his next Fortune 500 campaign donation.

    Wed, 08/17/2011 - 17:04 | 1570502 RockyRacoon
    RockyRacoon's picture

    Obviously the Republicans have a clear-eyed view.

    Wed, 08/17/2011 - 17:18 | 1570560 JW n FL
    JW n FL's picture

    "O" my Rocky.. I dont know what to say..

    Love You.. Hang in there.. all we can do ist try to get them away from the two devils.. that really are the same devil.

    Try this.. it may not take the first time.. it is an aquired taste.. to be sure.. so no hurt feelings if it misses you.

    Wed, 08/17/2011 - 18:35 | 1570778 Pay Day Today
    Pay Day Today's picture

    Don't stock regulators full of free market libertarian types who fundamentally don't believe in regulation. That's pretty simple, right?

    Wed, 08/17/2011 - 15:58 | 1570156 PY-129-20
    PY-129-20's picture

    Who will replace her?  Bozo the Clown?

    Wed, 08/17/2011 - 16:12 | 1570228 HelluvaEngineer
    HelluvaEngineer's picture

    Potted plant.

    Wed, 08/17/2011 - 15:58 | 1570157 MarkD
    MarkD's picture

    She will join Rove, North and others and become a contributor on Faux News.

    Crime pays

    Wed, 08/17/2011 - 16:12 | 1570229 Jim in MN
    Jim in MN's picture

    No, she thinks she's more important than that level of hired help.  She thinks she should be cruising the country clubhouse bar looking for young golfers with Wendy Gramm and Cindy McCain.

    If she's not in jail.

    Wed, 08/17/2011 - 16:26 | 1570302 gwar5
    gwar5's picture

    The other line up: 

    Impeached/disbarred Bill Clinton; AGW fraudster and woman molester and green ejaculator, AL Gore; Whitewater crook and lesbian coat tail rider, Hillary Clinton; convicted client #9 Eliot Spitzer; Currency manipulator and marxist propagandist George Soros; Clinton's abused woman wrangler George Stephanopolous; Carter's 'malaise' speech writer and albino race baiter, Chris Matthews; tax cheat Tawana Brawley racist fraudster Al Sharpton; tax cheat Geithner; tax cheat Rangel; tax cheat crooked land deal Obama; plagiarist and countrywide sweet heart boy Joe Biden; gay prostitutes and boyfriends with franking priveleges Barney Frank; cancer wife cheater and wiccan love child maker John Edwards; Fijian offshore Trust tax cheater and manslaughtering coward Ted Kennedy; crooked hedge funder, NYT, former Car Czar, Steve Ratner; .......


    Wed, 08/17/2011 - 17:07 | 1570515 RockyRacoon
    RockyRacoon's picture

    Nary a conservative on the list?  Did it just flit by me in a blur?  Are you pouring the kool-aid today?  A prime example of the Faux News "fair and balanced" approach to problem solving.

    Wed, 08/17/2011 - 15:59 | 1570161 chunga
    chunga's picture

    State Of Rhode Island Foreclosure Moratorium?

    This is what you get when you're a judge who isn't very "judgey". This Order came down yesterday. Stop what your doing and eat your peas you swine.

    Wed, 08/17/2011 - 16:05 | 1570185 MrBoompi
    MrBoompi's picture

    There must be a list of corporations out there, and if you're on the list, you will not get prosecuted.  I can't think of any other way to put it.  If we took the fraud out of the banking cartel's day-to-day operations, and put a stop to US Government protection, there would be no more banking cartel.

    The system stinks and is one huge RICO case waiting to happen.

    Wed, 08/17/2011 - 16:17 | 1570253 IQ 145
    IQ 145's picture

    "I can't think of any other way to put it.---" I can't either. Plus 100.

    Wed, 08/17/2011 - 16:06 | 1570190 Seasmoke
    Seasmoke's picture

    dont forget Chris Coxsucker

    Wed, 08/17/2011 - 16:06 | 1570197 azengrcat
    azengrcat's picture

    But But But they paid their protection fees to the SEC?!?!?!  What is the world coming to?

    Wed, 08/17/2011 - 16:06 | 1570200 Jasper M
    Jasper M's picture

    I find the notion that she had any knowledge of this unlikely. 

    Given the track record of the SEC in recent times, this looks a lot more like incompetence than criminality. I mean, do they strike you as having the initiative to come up with this? 

    On the other hand, they clearly Are That Dumb.

    Wed, 08/17/2011 - 16:19 | 1570268 John McCloy
    John McCloy's picture

    Incompetence is a wonderful excuse for those who are complicit throughout history.

    Wed, 08/17/2011 - 16:21 | 1570278 IQ 145
    IQ 145's picture

    This is like my standard line; but in this case I have what amounts to testimony from a guy in Brooklyn; and I'm not sayin another word about this. Let's just say; "in my opinion"; this was done as a reccomended legal procedure. If you get my drift.

    Wed, 08/17/2011 - 16:07 | 1570202 Flammonde
    Flammonde's picture


    The following is the text of Andrew Gavin Marshall's presentation at the book launch of The Global Economic Crisis: The Great Depression of the XXI Century", Michel Chossudovsky and Andrew Gavin Marshall (Editors). September 29, 2010, Montreal, Canada. 


    We now stand at the edge of the global financial abyss of a ‘Great Global Debt Depression,’ where nations, mired in extreme debt, are beginning to implement ‘fiscal austerity’ measures to reduce their deficits, which will ultimately result in systematic global social genocide, as the middle classes vanish and the social foundations upon which our nations rest are swept away. How did we get here? Who brought us here? Where is this road leading? These are questions I will briefly attempt to answer.

    At the heart of the global political economy is the central banking system. Central banks are responsible for printing a nation’s currency and setting interest rates, thus determining the value of the currency. This should no doubt be the prerogative of a national government, however, central banks are of a particularly deceptive nature, in which while being imbued with governmental authority, they are in fact privately owned by the world’s major global banks, and are thus profit-seeking institutions. How do central banks make a profit? The answer is simple: how do all banks make a profit? Interest on debt. Loans are made, interest rates are set, and profits are made. It is a system of debt, imperial economics at its finest. 
    In the United States, President Woodrow Wilson signed the Federal Reserve Act in 1913, creating the Federal Reserve System, with the Board located in Washington, appointed by the President, but where true power rested in the 12 regional banks, most notably among them, the Federal Reserve Bank of New York. The regional Fed banks were private banks, owned in shares by the major banks in each region, which elected the board members to represent them, and who would then share power with the Federal Reserve Board in Washington. 
    In the early 1920s, the Council on Foreign Relations was formed in the United States as the premier foreign policy think tank, dominated by powerful banking interests. In 1930, the Bank for International Settlements (BIS) was created to manage German reparations payments, but it also had another role, which was much less known, but much more significant. It was to act as a “coordinator of the operations of central banks around the world.” Essentially, it is the central bank for the world’s central banks, whose operations are kept ‘strictly confidential.’ As historian Carroll Quigley wrote:


    "The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations."

    Wed, 08/17/2011 - 16:09 | 1570211 traditionalfunds
    traditionalfunds's picture

    Anyone notice that the whistleblower indicates this has been going on since @1993?


    Great to hate on Schapiro and want SAC exposed, but this has been going on for a long time. Much bigger than one political appointee.


    When big business complains they need "business-friendly" leadership they are simply asking for their corruption to be overlooked. 

    Wed, 08/17/2011 - 16:24 | 1570290 IQ 145
    IQ 145's picture

    Absolutely; it would be inconvenient to find documents to the effect that they knew certain things at certain times; so they t ake preventative action; so that can't happen.

    Wed, 08/17/2011 - 16:11 | 1570225 headless blogger
    headless blogger's picture

    The thing that comes to mind is she may go to jail, but those she was destroying documents for will get off scott-free.

    It seems the worse of these crooks always get off, especially when there are Madoffs and Schapiro's to throw to the wolves.

    Its good, but will the deepest layers of this criminal cartel be exposed and also do time for what they have done?


    Wed, 08/17/2011 - 16:13 | 1570238 SheepDog-One
    SheepDog-One's picture

    Unless she sings like a bird! Dont need documents when youre turned over to the FED's. Anyway, have fun in the big house Mary. Maybe you can manipulate the cigarette trade in there.

    Wed, 08/17/2011 - 16:37 | 1570374 NotApplicable
    NotApplicable's picture

    Ron Brown threatened to sing. All it got him was an airplane ride and a hole in his head.

    Wed, 08/17/2011 - 16:44 | 1570415 Boilermaker
    Boilermaker's picture

    Well, the CFO of Freddie Mac shot himself in the head too....shit happens.  Weird shit.

    Wed, 08/17/2011 - 17:11 | 1570536 Cdad
    Cdad's picture

    Nope...he hung himself in the basement of his mansion, boiler.

    Wed, 08/17/2011 - 16:27 | 1570312 IQ 145
    IQ 145's picture

    Dude, there's a reason why Madorf surrendered and copped a plea; it was a specific case that involved other people; who could not be compromised, so he had to take the bullet. Only enough is done to put the story to sleep on the editorial page; then it;s over.

    Wed, 08/17/2011 - 16:12 | 1570231 PulauHantu29
    PulauHantu29's picture


    Did Grasslet address his letter:


    Ms. Mary Schapiro

    % Goldman Sachs

    Wall Street

    NYC, NY



    After all, the SEC is nothing more then a Branch Office.




    Wed, 08/17/2011 - 16:16 | 1570250 Robslob
    Robslob's picture

    A simple lesson to all:


    Wed, 08/17/2011 - 16:17 | 1570257 Fix It Again Timmy
    Fix It Again Timmy's picture

    Being held accountable is so unamerican these days, we can only hope....

    Wed, 08/17/2011 - 16:25 | 1570298 Bansters-in-my-...
    Bansters-in-my- feces's picture

    Prison is for Peasants.

    So don't be a silly rabbit.

    You know May has CONnectios.

    Wed, 08/17/2011 - 16:24 | 1570306 navy62802
    navy62802's picture

    There is so much corruption in our current economic system that I'm surprised it hasn't collapsed yet. This is yet another reason we need a cleansing. The shit that was uncovered during the 07/08 crisis is just the tip of the iceburg. And even with that crisis, the financial institutions that were proved to have taken part in the fraud were bailed out. The people who have bled the system for its wealth will eventually pay for their misdeeds, one way or another. If the regulators refuse to do their jobs, then people will simply find out the truth in the aftermath of an apocalyptic crash. Either way, those who have done the looting will eventually have to pay their toll.

    But this story about the SEC not doing its job only supports what I've been saying all along. The current regulatory system is adequate IF IT IS PROPERLY ENFORCED. Hell, even less regulation would be adequate if it were enforced. The problem isn't with the regulations, it's with the enforcement of said regulations. And corruption of the US government at every level is the culprit. Corruption is the reason we see a lack of enforcement.

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