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Jail Time, bitchez!
Too little much too late.
Agreed. Nothing will come out of this.
"Non-prosecution agreements." ?!
Seriously: Under what justification would such an agreement be made? In order to get them to cooperate??? I'm sorry -- who has the mandate of authority here?
How about: "If you do not cooperate, we will have you arrested. Are we clear?"
At least we arn't offering them awards to cooperate....or are we????
I think nowadays this really stands for: Sustaining Enterprise Corruption.
Where is Franklin Raines?
Let's think about this...a taxpayer backed agency is suing another taxpayer backed agency. So if one agency wins what do they get? Oh that's right, unless they are going after personal assets...a shuffling of taxpayer money. All the while the litigation and legal process will cost more taxpayer money. Brilliant! The one thing the American government is efficient at is wasting the 30% plus of my salary I give up on an annual basis. Kudos, kudos!
agency wasn't sued, just the individuals.
There are no individuals, only Corporations.
Very purseptive of you to notice that.
Yes, purseptive. it's like pursepective, only different.
40% for me last year. And they want more. Put on top of your 30% that we run about a 40% annual deficit...meaning to balance the books you should pay about 40% than you do now. It only gets worse with time. Someone beside Ron Paul in the Republican party might want to note and address this.
Manthong, you risk being called a racist or even worst, a right wing conservative republican for asking that question. I hope you are not expecting a meaninful answer.
now we know why that disgusting nose picking ass eater quit.....
Yes, only this, and since the "resititution," if any, would come out of the taxpayers' pockets anyway, since these companies are on taxpayer life support anyway, if there is not crminal prosecution then this is merely a show for the election cycle: "Look, we're doing something! Regulation works!"
Why do we have a SEC? Fucking useless jerk offs.
Haven't you heard, government creates jobs!
perfect holiday diversion for the JD/SEC off of fast and furious
The SEC exists to make people believe that there is some sort of regulation going on.
Yes and then when things like MF Global go up in flames, it gives great cover to guys like Bawney Fwank to bluster about needing more wegwoowations.
Never been more overlapping wegwoowations, but each failure to catch any outright criminality simply proves we need more.
Sort of... Just like any government regulatory, they are institutionalized 'muscle' to keep the peasants from engaging in the same crimes the oligarchs are privileged to engage in.
Time to wheel out Arthur Levitt to explain why the SEC should never take anyone to court. His reason: if they lose a case in court, that sets a precedent, thereby reducing their capacity to enforce the law. Make sense?
No, didn't to me either.
Lets elect Ron Paul, declare these banksters terrorist and hold them indefinitely or until they return to dust so we can clean this shit show up.
They need to trace this thing all the way back to the prime movers of this fiasco, i.e., politicians! That will not happen because the majority are democrats. Frank is retiring and Dodd wisely got out before it came back on him. We need to go back 30 maybe 40 years for all of them. If anything good comes out of this (and I don't think anything really will) it would be that central planning always fails. Always.
Does anyone find it amazing that Former FNMA CEO Franklin Raines (Yes, O bam a's former head of his campaign's finances) who made $100 MM is strangely missing from this suit ?
Not amazing. Predictable. Tony Rezco is in jail in Chicago, though so who knows?
About damned time.
What about the folks at Goldman? It seems like the folks at Fannie and Freddie are small fish here. What the fuck?
3 yrs delay? thier not slow just helping where they can
Is there a time limit on the officers and directors insurance coverage?
That didn't take long.
(That's sarcasm, 'cause it did take long)
It's funny because it's not true.
Window dressing. THey may collect a nickel in 20 years. But since president Newt wants to downsize the court system, it could take longer. But a nickel will truly be worth more than 5cents!
They were doing God's work.
Sure am glad we voted in Obama to clean up the mess left behind by Bush. Wow, he really showed them who's boss! What a farce....can't wiat for the next stooge to come in and take control.....
Anyone have any comments on today's conflicted markets? French market trading down (DAX flat), Bond yields in US way down, US stocks up????? WTF??? Like a squirrel on the road darting back and forth in confusion as a car races towards it...
If you think Obama's bad, just wait until any one of these GOP "candidates" gets elected. Even if Ron Paul were electable, he would be powerless to implement any of his reforms. Nothing changes without a constitutional amendment to get ALL MONEY out of politics.
here here.... http://www.metacafe.com/watch/7792675/top_10_campaign_promises_for_the_2...
"The SEC said both firms have agreed to cooperate with the agency and have entered into non-prosecution agreements".
So what's the point ? Lots of investigation at high cost, SEC can feel good they're doing something about something ( and can report that they're doing it ), and some report gets released at the end of the day, whenever . . . whatever.
Is this our good news for excuse to ramp equity stawks today?
Anyone remember the Fannie Mae CFO that offed himself at home back in 2009? The story was pretty hushed. Nice family, nice house, nice salary and bonuses too. All gone. what did he know and when did he know it?
Funny how many placed people flick the “off” switch. Vince Foster set a “suicide” trend?
Only justice served so far in my opinion.
He knew the shit was systemic, an epidemic and presidential.
To those involved in the mortage gutting of the United States and the poisoning of liberty using 9/11 as a shield, you have a lot to be ashamed of.
By the time history is done with the George W Fuckin Bush administration of war criminals, just the sound of the name will make US citizens vomit.
very poorly played. this action is an implicit admission of incompetence/complicity by the SEC.
if they were ever going to bring this action it had to have been done in a timely fashion after the event, by say mid 2009 at the latest.
bringing the action now makes it obvious that they knew there was illegality, but chose not to exercute their function for approximately 3 years.
at this point this is the worst gambit to make.
not only does it roil the waters, it destroys the SEC by their own hand.
Like all other authorities their prime directive is to support the overall markets and encourage confidence - their excuse to justify their lack of enforcement. The way they do that is to make sure all evidence that the markets are rotten is swept under the carpet, and at a senior level the offenders are given a stern warning (e.g. - you better clean things up or we will have to really intervene).
If one applied this to the rest of the world, we would have no prisons or courts. The police would visit the bank robbers house and give him a stern talking to.
You have to realize that with leftist-collectivist democrats there is no concept of personal responsibility. That is the connection between Obama, Corzine, Frank, Holder and government, in general. None of them takes responsibility for anything. The FBI can illegally sell illegal weapons to people in an illegal business, have one of their own killed and it's not the Director's fault. In fact, he didn't even know. Obama will not own the economy. It is Bush's fault still. Corzine is innocent because he doesn't know where a billion went. Frank said Fannie and Freddie were solid on video and defended them and even though he controlled that committee it's not his fault. See the theme? These guys may take the fall...maybe but it will not get back to the prime movers. They all had good intentions and that is enough.
It is a start. Lets see if it is just window dressing. But ya gotta start somewhere.
Was Mary Schapiro the Lead Blocker for Corzine?
"Corzine, I know from (an) inside source at the SEC, there were going to be rules to prevent them from doing exactly what they are doing.
Corzine went down (to the SEC), met with Mary Schapiro, she personally revoked it. That's information I have from inside the SEC. So the whole thing is a joke. When I speak to people on the (Capitol) Hill, they even say the SEC is bought and paid for."
OK. Back to shredding and Porn.
What about this scumbag.
Did ex-Fannie CEO Franklin Raines Commit Perjury?
I hope you're not suggesting that Franklin Raines be held accountable?
Surely you must be aware that Mr. Raines is an esteemed FOB (Friend of Bill)? Nothing untowards ever happens to Slick Willie's buddies.
BTW Jonny "I'm Dreaming of a Re-hypothecated Christmas" Corzine is also a Friend of Bill's - and also pretty snug with Hillary, from what I hear. So fuggedabout him as well.
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