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Why Mega Banks Are The Modern Cocaine Cowboys

Tyler Durden's picture




 

In today's episode of blast from the past, Bloomberg's Jonathan Weil takes us on a time journey, which presents the Too Big To Fail bank problem from a different perspective: that of the Cocaine Cowboy roaming the streets of Miami in the late 1970s and early 1980s. Just like today's big banks they were untouchable; just like today's banks they were collaborating and existing in perfect symbiosis with the Federal Reserve; just like today the Cocaine Cowboys existed in an untouchable vacuum courtesy of endless bribes to the local law enforcement and judicial officials, and just like today, the TBTF institution du jour isn't "merely an economic problem. It is a great moral failing of our society that poisons our democracy." Back then, Ronald Reagan stepped in just when Miami (whose real estate market had soared in 1979-1981 courtesy of rampant crime and money laundering: hint hint NAR anti money-laundering exemptions) was about to be overrun, forming a task force that in the nick of time restored law and order. Today we are not that lucky, as there is not a single politican willing to risk it all just to eradicate the modern version of a classic scourge: only this time they don't hand out 8 balls; they give away 0% introductory APR cards and 3 Year NINJA Adjustable Rate Mortgages. Both however get you hooked for life: either on drugs or on debt. Will someone step up this time and form a task force to eliminate the second coming of the Cocaine Cowboy? Sadly, we don't think so. At least not until the next great crash happens.

From Jonathan Weil of Bloomberg:

Cocaine Cowboys Know Best Places to Bank

To grow up in South Florida during the 1970s and 1980s, as I did, wasn’t your typical American childhood experience. Back then the area was known as the most dangerous place in the country.

Carnage from the drug wars filled the local news long before “Miami Vice” became a hit TV show. By elementary school, my friends and I knew some of the lingo. A Colombian necktie wasn’t a piece of clothing, but a gruesome execution method. When I was 7 years old my barber was murdered in his shop, apparently over a drug deal.

It had been a long time since I thought much about those days. By chance I recently came across a fabulous documentary, “Cocaine Cowboys,” by Miami filmmaker Billy Corben. Then last month a Senate panel held a hearing on the U.K. bank HSBC Holdings Plc (HSBA) and its ties to drug lords, money laundering, al- Qaeda and rogue nations such as Iran and North Korea.

Here’s a bank with $2.7 trillion of assets that flouted U.S. laws for a decade, according to the July 17 report by the Senate Permanent Subcommittee on Investigations. HSBC turned a blind eye to organized crime, Mexican drug cartels and overseas terrorism financiers, and gave them access to the U.S. banking system. HSBC’s main U.S. regulator, the Office of the Comptroller of the Currency, for years tolerated its violations of anti-money laundering laws.

For this, HSBC and the OCC apologized. Justice Department fines are likely. It’s an outrage HSBC hasn’t had its U.S. banking licenses revoked, assuming the Senate panel’s report is accurate -- and there’s no reason to believe it isn’t.

Try This

Let’s try out a novel idea: Banks that help drug cartels launder money and give cover to those tied to terrorism should be put out of business. Is that really so hard for everyone to agree on? Free markets have worked in the U.S. because we have the rule of law. It’s why so many investors from other countries want to do business here. When contracts are breached, courts can be accessed to enforce them. When individuals or companies commit crimes, they’re supposed to be prosecuted and punished.

Except we have this mutant species of corporation called too-big-to-fail banks whose collapse might wreck the global economy. No financial institution in the U.S. can survive a felony indictment. So these companies have become un-indictable, creating a perverse nonchalance regarding financial crimes. In 2010, Wachovia paid $160 million to settle criminal allegations of laundering Mexican drug money. By then the bank had been bought by Wells Fargo & Co. (WFC), and the Justice Department let it off with a deferred-prosecution deal. Usually the most that happens to management is someone resigns, as HSBC’s head of compliance, David Bagley, said he would at last month’s Senate hearing.

What would it take for the government to really crack down on wrongdoing in the financial-services industry? What finally prompted the feds to do something about cocaine smuggling into South Florida long ago was the epidemic of violence it spawned.

A defining moment came in July 1979, when drug traffickers went on a shooting spree in broad daylight at the Dadeland Mall in Kendall, southwest of Miami. This was unprecedented. The gunmen arrived in a delivery van that had been converted into an armored personnel carrier. Two people were killed. Bystanders dove for cover. Cars in the parking lot were riddled with bullets from machine-gun fire.

Attacks like that became frequent over the next few years. In 1979 there were 349 murders in South Florida, according to the Justice Department, triple the number of two years earlier. By 1981 murders had climbed to 621. The local police were outgunned, outnumbered, easily corrupted and often stoned. Finally in 1982 President Ronald Reagan formed a task force and devoted hundreds of additional federal agents to South Florida to restore law and order.
Cash Surplus

Back then, too, the cartels’ enablers included dirty banks. As Corben’s film noted, in 1979 the Federal Reserve’s Miami branch reported a $5 billion cash surplus -- more than the country’s other Federal Reserve banks combined. One crucial difference, compared with today, was the drug banks in those days were relatively small. When an outfit such as Sunshine State Bank got busted, it didn’t threaten the economy.

In terms of stray bullets, Miami is a much safer place today. But mainly what the U.S. did was drive the cartels, the turf battles and the killings into Mexico, where the violence is out of mind for most Americans even while much of that country has turned into a narco-state.

Maybe if the bankers were the ones spraying machine-gun fire in the streets, that might spur the U.S. government to take meaningful, punitive action. Short of that, you have to wonder if anything would. Too-big-to-fail isn’t merely an economic problem. It is a great moral failing of our society that poisons our democracy. Something has to give.

 

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Thu, 08/02/2012 - 20:20 | 2674447 HelluvaEngineer
HelluvaEngineer's picture

Fuck you, Bernanke!

Thu, 08/02/2012 - 20:33 | 2674475 veyron
veyron's picture

Fuck Ron Paul.  Selling out to Obamney ...

Thu, 08/02/2012 - 20:42 | 2674489 DoChenRollingBearing
DoChenRollingBearing's picture

Miami is very different than in the old days.  Banks do not willy-nilly launder money anymore.  Most illegal drugs (IIRC) now come over the US - Mexico border.

As far as the banks being the new equivalent of the Cocaine Cowboys, well, OK I accept that.

But, turning to DIFFERENT power centers, my new blog article discusses "The Fractured Elite" that I wrote about in June, and how a recent book I just finished about powerful ExxonMobil strengthens my case that "The Elite" does not control us, yet.  Too many players with different agendas...

http://tinyurl.com/bvlvytl

Thu, 08/02/2012 - 21:18 | 2674556 vast-dom
vast-dom's picture

banking is a helluva job.

Thu, 08/02/2012 - 22:51 | 2674756 AldousHuxley
AldousHuxley's picture

Mega anything dilutes quality

 

 

Thu, 08/02/2012 - 23:42 | 2674825 The 22nd Prime
The 22nd Prime's picture

I was in Miami until the late 90s. I lived near where the FBI agents were killed in 1986. During the 70s and 80s I remember every holiday hearing the AKs firing all over the place. The cops would park under over passes. Your chances of getting hit by errant bullets were slim. These drive by bankers are far more dangerous.

Fri, 08/03/2012 - 01:24 | 2674882 Dr Benway
Dr Benway's picture

The misery described in the article is a direct result of drug prohibition, just like the gangster wars during alcohol prohibition over alcohol.

 

The mindless, unjust, horrible, immoral, ineffective stupid fucking war on drugs needs to be denounced everywhere intelligent discussion is held.

 

Please, please please no more articles on ZH comparing real criminals (banksters) to bartenders of other drugs than alcohol (dealers)?

Fri, 08/03/2012 - 04:21 | 2675048 Henry Chinaski
Henry Chinaski's picture

+1.  Bad analogy. Victimless crime vs fraud/theft.  Nonetheless, Cocaine Cowboys is riveting video.

Fri, 08/03/2012 - 04:58 | 2675057 malikai
malikai's picture

3 words. The Clinton Chronicles.

http://video.google.com/videoplay?docid=8438833120507357139

I do not care that he had sexual relations with that woman.

I care that he and all the rest are a bunch of crooked theives using the government as their cover.

Fri, 08/03/2012 - 07:52 | 2675183 TruthInSunshine
TruthInSunshine's picture

Well, if the government was no longer able to convince the majority of the sheep that the sheep need it (aside from the most basic functions germaine to the social contract consistent with free societies), what would it do?

Control Through Fear
Thu, 08/02/2012 - 23:51 | 2674840 jeff montanye
jeff montanye's picture

yes ron paul sold out to obamney and ronald reagan saved us from the cocaine cowboys.

wow.

those were close ones.

http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB2/nsaebb2.htm

Fri, 08/03/2012 - 08:57 | 2675371 LMAOLORI
LMAOLORI's picture

 

 

"Fuck you, Bernanke!"

 

Misplaced Anger

What about Obama shouldn't you be saying FU Obama - the buck stops with him LITERALLY and if he were any kind of a leader he would step up like President Reagan did. Obama kept Bernanke, put in that scumbag Geithner and then there's the corrupt Holder. 

Thu, 08/02/2012 - 20:23 | 2674452 Doublescythe
Doublescythe's picture

I loves me some financial nose candy!

Banging secretaries ain't too bad neither.

 

Thu, 08/02/2012 - 20:34 | 2674476 ACP
ACP's picture

And now for the Zen question:

If you snort coke with a rolled dollar bill, what do you roll up to snort dollar bills?

Thu, 08/02/2012 - 23:13 | 2674786 Tijuana Donkey Show
Tijuana Donkey Show's picture

Gold leaf! Duh!

Thu, 08/02/2012 - 23:58 | 2674855 jeff montanye
jeff montanye's picture

liking the donkey.  but gold leaf is utterly unnecessary.  need you some fractional banking.

http://austrianeconomics.wikia.com/wiki/Fractional_reserve_banking

Fri, 08/03/2012 - 01:57 | 2674979 Theosebes Goodfellow
Theosebes Goodfellow's picture

T-bills, baby, T-bills!

Fri, 08/03/2012 - 07:56 | 2675189 awakening
awakening's picture

Smoke 'em, don't snort 'em.

Thu, 08/02/2012 - 20:27 | 2674458 Yen Cross
Yen Cross's picture

   Is { dis-deflation} the same as (de-evolution) ?  ':/

Thu, 08/02/2012 - 20:45 | 2674493 akak
akak's picture

No, it is more properly defined as antireundisinflation.

Thu, 08/02/2012 - 20:59 | 2674520 Yen Cross
Yen Cross's picture

  anti-re-un(dis-in-flat-ion)!  +1 akak!  LMAO!

Thu, 08/02/2012 - 20:33 | 2674459 SwingForce
SwingForce's picture

Cut off THE FED, starve the ADDICT. How fucking simple is THAT????

PS. Draghi is a piece of SHIT.

Thu, 08/02/2012 - 20:33 | 2674473 Nassim
Nassim's picture

Look mate, isn't it about time you grew up? HSBC was simply doing what BCCI was doing earlier on.

The Powers That Be are hand-in-glove with the cocaine cartels. They are part-and-parcel of the same package.TPTB need these banks to do these things. They make money that way.

Do you think that the US presence in Afghanistan is unconnected with the fact that it has 90+% of the world's heroin supply? Do you think that these rendition planes that ferry people around to get tortured at convenience in Egypt, Syria, Jordan and so on have empty holds? Guess what they ferry around besides their unfortunate human cargoes? Why do you think these planes don't get checked by customs when they drop in on the UK, Germany and so on?

"Bank of Credit and Commerce International (BCCI)"

http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International

Let's get real

Thu, 08/02/2012 - 21:16 | 2674551 Acet
Acet's picture

The whole purpose of the War On Drugs is to create this huge pool of money outside the normal economy, not to mention create massive amounts of State jobs for the boys in law enforcement, juicy contracts for suppliers and a huge prision population to feed the profits of the private companies that run most prisions.

If every man's right to put in his own body whatever the fuck he wanted was respected and drugs were legal, do you really think it would be possible for criminal groups to afford to pay for masses of heavilly armed "soldiers" out of the profit margins from legal products made out of vegetables which are easier to grow than lettuce?

 

Thu, 08/02/2012 - 22:20 | 2674691 r00t61
r00t61's picture

The original "War on Drugs" - Prohibition - created the rise of the gansters like Al Capone, as it quickly became clear that bootlegging in the black market was a profitable venture (one made possible only by the government attempting to legislate alcohol consumption out of existence in the first place).

It also gave the government the excuse to pass the National Firearms Act of 1934, an attempt to regulate weapons, justified on the basis of the criminal activities of the gangsters that Prohibition allowed to flourish.

Fri, 08/03/2012 - 05:14 | 2675053 Disenchanted
Disenchanted's picture

 

 

 

Not to mention Castle Bank & Trust, Nugan Hand, etc....or Continental Bank of Chicago...or Riggs Bank, Wash. DC

 

These 'banks' come and they go...

Thu, 08/02/2012 - 20:46 | 2674495 Matt
Matt's picture

When the Pope is arrested and charged for aiding and abetting child molesters, then I will believe in the rule of law. Until then, there are layers of law that stratify us into different tiers of how much the law applies to us, depending on how connected we are. It's a nice fantasy, but I doubt anything will ever come of it.

Thu, 08/02/2012 - 21:13 | 2674547 ReeferMac
ReeferMac's picture

Sad but true!

Fri, 08/03/2012 - 06:37 | 2675105 WTFx10
WTFx10's picture

Criminal Law, The criminals get to make the laws and we have to follow. The Laws vary according to the criminal enterprise making the law. The higher up the criminal ladder the more freedom you have. Structured Organized Crime, it's a great system when you're a part of it,not so good if you're not. 99.99% are not. The .01% is Don Corleone (Rothschild's) and the five families. Just like in the Godfather Rothschild's Vito meets with the heads of the Five Criminal(banking) Families.

Why is it that these folks never make the richest people in the world list? Because they own stole it. The golden rule! He who owns the gold makes the rules. He who makes the fiat and gets the fools to use it while stealing their gold with fiat, makes the rules. 

Elite no, wealthy no, just plain con men and thieves who happen to be mostly jewish and not italian.

Thu, 08/02/2012 - 20:51 | 2674499 Paul Atreides
Paul Atreides's picture

I don't do cocaine, I just like the smell of it.

Thu, 08/02/2012 - 21:09 | 2674536 Motorhead
Motorhead's picture

"I didn't inhale."  LOL

Thu, 08/02/2012 - 23:51 | 2674839 GOLDTEETHSILVER...
GOLDTEETHSILVERFILLINGS's picture

"I didn't have sexual relations with that women." ~  Hee Haw

Fri, 08/03/2012 - 02:01 | 2674981 Theosebes Goodfellow
Theosebes Goodfellow's picture

LOL, thanks Paul, that reminds me what I said to myself when I quit it so many years ago.

"No one should love anything as much as I love cocaine." The trick to not doing it is....

don't do the first line.

Thu, 08/02/2012 - 20:49 | 2674502 Deathrips
Deathrips's picture

Anyone know what happens to sissies that play tough in violent games like the cocaine cowboys...? they end up dead. THese bankers are playing pretty tough behind someone elses muscle. Thing is that muscle doesnt respect them in increasing numbers. Pretty soon they are all going to be targets. And they are going to remember getting punked in grade school and have no mommy to cry to.

Fuck you sissy ass bitches.

Fuck you bernake.

Fuck us all for letting this happen.

 

damn im pissed now....again.

Thu, 08/02/2012 - 20:54 | 2674513 Deathrips
Deathrips's picture

See Frank in scarface.

 

https://www.youtube.com/watch?v=958GzzqgWnw

 

Thu, 08/02/2012 - 22:28 | 2674514 toomanyfakecons...
toomanyfakeconservatives's picture

You area dead on. The pussies who have been pissing on the Constitution for so many years are softies. When the MASS ARRESTS occur they are going to be dragged away in handcuffs, crying and grovelling... http://tinyurl.com/cd5cyjo/

Thu, 08/02/2012 - 20:57 | 2674517 Bunga Bunga
Bunga Bunga's picture
Get over it, it's the legalized branch of crime. HSBC: The World’s Dirtiest Bank

http://deanhenderson.wordpress.com/2011/08/10/the-worlds-dirtiest-bank-h...

Thu, 08/02/2012 - 20:57 | 2674518 disabledvet
disabledvet's picture

I like my rich outrageous, scandalous and beyond the pale. I've been highly disappointed this go around. Where are they in the news? Bailouts? Like that sells. Having said that I have a soft spot in my heart for government types who "use excessive force, break the law in order to enforce it and generally create a climate of who the hell elected you." can't say...well actually I CAN say now that I think about. And that guy just got released! Anywho I imagine...no wait...I KNOW that's how the Fed's operated back in those days. "The arm of the law is long" and while it might take awhile for Omar the Sheerif to wind up his arresting arm...once it's unleashed I think these Anarchists of Finance are in for a rude awakening.

Thu, 08/02/2012 - 21:02 | 2674524 LostWages
LostWages's picture

time for term limits and caps on election spending.  once the politicians cannot be bought , just maybe we get some loyal americans to make the tough decisions and put the needs of the country ahead of their own selfish interests about being reelected. put the criminal banksters out of business and in jail.  it would only take one big fish to make the rest swim in formation

Thu, 08/02/2012 - 21:03 | 2674526 TrustWho
TrustWho's picture

On local radio, an ex-CIA agent who worked on money laundering crimes was mad as hell that no one from HSBC was being criminally prosecuted. He said bank management had to have a plan to collect and move the cash every day. I forget the specifics but he spoke of tons of cash bills that moved through a few banks every day. Since no one goes to jail, the government is complicit in the crime as their civil damages are just a cut of the business just like the Mafia collecting their protection money.  

Thu, 08/02/2012 - 21:03 | 2674527 q99x2
q99x2's picture

We have Eric Holder, the guy that runs the drugs, as the head of operations. I'd think you'd have to get him out of the way but you can't because Obama is covering for him. A difficult situation requires a person of courage and of sound mind.

But it might be possible if there is a financial/noteriety motive. Maybe a bounty.

Thu, 08/02/2012 - 21:11 | 2674544 Motorhead
Motorhead's picture

And to think about the shit the Left gave John Ashcroft.  This fukcing system is broke beyond repair.

Thu, 08/02/2012 - 21:10 | 2674539 SubjectivObject
SubjectivObject's picture

Why?  Because we the efking peons are too fearful and distracted to do anything about it.

They pay themselves to to set this shit up.  Anyone who opposes them have to work on discretionary time and capital. 

Let's keep it simple for our impoverished asses.  Let's simply agree that they, and their enforcers, are the enemy.  And let's tolerate each other's imature ignorant stink just enough to organize any an all forms of attrition against the status quo of their power.  

Things will get funky, in any case, but let's work for freedom amid the funk.

 

Thu, 08/02/2012 - 21:20 | 2674559 km4
km4's picture

You mean like Goldman Sachs 

Accidentally Released - and Incredibly Embarrassing - Documents Show How Goldman et al Engaged in 'Naked Short Selling'
http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515#ixzz22RIl0jky

The People vs. Goldman Sachs
http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511
Matt Taibbi: A Senate committee has laid out the evidence. Now the Justice Department should bring criminal charges

The Great American Bubble Machine
http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405
From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression -- and they're about to do it again

Read more: http://www.businessinsider.com/goldman-sachs-5-reasons-us-economy-q3-2012-8#ixzz22RS17yez

Thu, 08/02/2012 - 21:22 | 2674563 Hype Alert
Hype Alert's picture

Naive.  Not sure what else to say.

 

We have an administration that gets caught funneling guns to drug cartels and he thinks the same administration is going to clean up the banks?  I think I'll just call it a day after that one.

Thu, 08/02/2012 - 21:37 | 2674591 JR
JR's picture

“Then last month a Senate panel held a hearing on the U.K. bank HSBC Holdings Plc (HSBA) and its ties to drug lords, money laundering, al- Qaeda and rogue nations such as Iran and North Korea.” – Jonathan Weil of Bloomberg

The developments in the Middle East, especially with regard to the increasing belligerence of Israel even nearly saturating the campaigns leading to the November election and causing the Obama Administration to openingly support one side of the Syrian Civil War (for Israel) and with Romney versus Obama on who loves Israel more, the nomenclatures of the Middle East have changed.

Specifically, the term rogue nation has become no more than a neo-con Zionist propaganda definition with the slippery slope plan for attacking what has now been shown to be a peaceful nuclear program.

In the face of this despicable war propaganda and the rogue category, one man stands against it all. On the floor of the Congress, Texas Congressman Ron Paul identified for any who care to listen the absolute truth about Iran.

http://www.lewrockwell.com/blog/ -  Ron Paul vs. the Murderous Evil of Sanctions Against Iran

Speaking of rogues, we have our very own rogue, the newsmaker and mayor of Chicago, Rahm Emanuel, who was on the job when Fast and Furious moved automatic weapons to the drug cartels in Mexico. And anyone who doesn’t believe he was part of this project hasn’t been paying attention. And before we’re through with Rahm Emanuel, his news making has branched into intolerance bordering on restrictions of Constitutional guarantees.

Now Chicago’s Jewish Mayor is attempting to silence the Christian values and freedom of speech espoused by a fast food chain by blocking it from expanding in his city, saying “Chick-fil-A’s values are not Chicago values.”

Yes. Chicago’s values are Rahm Emanuel’s values. Every other word uttered by the man is the  “f” word. The man whose severed middle finger “which almost rendered him mute” is a caricature of human venality, a symbol of the shoddy cesspit of intolerance and value corruption that has become D.C. where he was Obama’s chief of staff, and now Chicago.

His are Chicago’s values. And Chicagoans should settle down and like it. When you elect someone like Emanuel, those are your values. If you want to be Democrats and get someone like Emanuel, live with it. That’s your mayor; that’s you! When we think of Chicago, that you once were the meat packer of the world, you are now the Jewish symbol of the world.

What do you mean those aren’t your values?  Swim in it, enjoy it, rub it on your ears. Chicago’s different now; it used to a proud city. Not anymore. There aren’t many cities around the world that have a mayor like Rahm Emanuel. You got him. He’s yours.

Thu, 08/02/2012 - 23:55 | 2674849 Bazza McKenzie
Bazza McKenzie's picture

Most of your comments may be valid.  But seriously, any country that buries nuclear development activities under mountains is pursuing something other than a peaceful nuclear program.  One might almost think they were displaying Chicago values.

Fri, 08/03/2012 - 05:07 | 2675061 malikai
malikai's picture

<-- Emmanuel

<-- Daley

Who is more crooked? I know, it's a tough one!

Fri, 08/03/2012 - 06:05 | 2675084 WTFx10
WTFx10's picture

Are you talking about Israel who has stolen nukes and has never signed an international treaty or iran who has followed all international laws?

Thu, 08/02/2012 - 21:38 | 2674593 tkinfo
tkinfo's picture

And yet, the market is extracting its pound of flesh despite what both the banks and governments try to do to support them. Since the end of 2007 when we set our initial short positions against 17 major money center banks and brokers, the stocks in total are down by nearly 70%, including the likes of Lehman, Wachovia, AIG, Goldman Sachs, Bank of America, and all of the rest. Trafalgar is up a little over 203% since then, up 39.5% Year To Date. The smart hedge funds including ours, we know where the real money is to be made. As a group, the TBTFs are going to Zero...

Thu, 08/02/2012 - 21:50 | 2674631 malek
malek's picture

HSBC is just a dog and pony show. I'd guess they were picked because they have the most "independent" position from US regulators and some people believe they have to be brought more in line.

Also the question Weill didn't ask is how many other TBTF banks have the same issues.

Thu, 08/02/2012 - 22:19 | 2674690 surfsup
Thu, 08/02/2012 - 22:21 | 2674698 surfsup
surfsup's picture

http://en.wikipedia.org/wiki/File:Bayer_Heroin_bottle.jpg

 

Just take two and call me in the morning... 

 

 

Thu, 08/02/2012 - 23:07 | 2674767 Colonel
Colonel's picture

Launder mats.The banks have been in the heroin business alot longer. From the opium wars in China to those poppies fields in Afghanistan that "hate us for our freedumbs."

Thu, 08/02/2012 - 23:15 | 2674784 Colonel
Colonel's picture

"Both however get you hooked for life: either on drugs or on debt."

The bank/government cabal cornered both those markets and how dare Ron Paul "muscle in" on their action.

Thu, 08/02/2012 - 23:49 | 2674834 JR
JR's picture

And taking no chances that the man they fear most will upset their apple cart...

Robert Wenzil writes: Evil SOB Put in Charge of Rules and Order at RNC; Will Smash Paulites

Republican insider and hardball player Roger Stone is warning about John Sununu gaining inside position in the Romney campaign. Stone writes:

Republican National Chairman Reince Priebus announced that former Bush 41 White House Chief of Staff and New Hampshire Governor John Sununu, will chair the Committee on Rules and Order of Business at the Republican National Convention. The appointment is, of course, Mitt Romney's, raising serious questions about Romney's judgment and commitment to conservative principles.

Excerpts:

·         After posing as a conservative to win public office in New Hampshire, John Sununu betrayed the Reagan revolution by convincing President George H. W. Bush to break his "read my lips - no new taxes" pledge.

·         Sununu is also responsible for convincing Bush to appoint former New Hampshire Supreme Court Justice David Souter to the U.S. Supreme Court.

·         In 1988, when I was working for Jack Kemp's presidential campaign, Sununu told me to my face that he had no commitment to then Vice President Bush the very same day Lee Atwater confirmed Sununu had committed to Bush long before…No wonder former New Hampshire Supreme Court Justice Charles G. Douglas, III called him "pig-eyes."

·         Sununu's appearance high in the Romney entourage demonstrates again that Romney is no conservative and that his rhetoric regarding spending and tax policy is just that - rhetoric.

·         Most alarming for Ron Paul supporters and for the Rand Paulites, who think they are going to be able to make nice with the RNC, is Stone's report that Sununu is going to head the Committee on Rules and Order of Business at the Republican National Convention.

·         Got that? Sununu is going to head the most important Committee at the RNC. There's a reason Romney put such a tough, unprincipled, duplicitous, SOB in charge of rules and orders. It's called keep Paulites. Sununu will either keep them in order or smash them.

http://www.economicpolicyjournal.com/

Fri, 08/03/2012 - 02:43 | 2674998 gallistic
gallistic's picture

Say what you will about Iran, but at least they know what to do with thieving banksters.

 

The Deputy Chairman of the Iranian Central Bank Hamid Pourmohammadi and the president’s Chief of Staff Inayatullah Riyahi, who were suspected of being involved in a 2.3 billion dollar fraud, were arrested in November 2011 along with 37 others.

 

End State- 4 were sentenced to death, 2 were sentenced to life in prision, and 33 others received 25 year sentences. 

 

http://en.rian.ru/world/20120730/174861072.html

 

Sharia Law is a bitch!

 

 

Fri, 08/03/2012 - 06:25 | 2675101 onebir
onebir's picture

Perhaps that should be 'falling out of political favour under sharia law is a bitch...'

Fri, 08/03/2012 - 08:05 | 2675206 GMadScientist
GMadScientist's picture

I'd like to think that televised electrocutions of white-collar criminals might be a successful deterrent, but they're pathological; they will steal again as surely as they will draw breath.

Fri, 08/03/2012 - 03:26 | 2675018 AnAnonymous
AnAnonymous's picture

The number of US citizens believing their own spin is likely on the increase

----------------------------

Free markets have worked in the U.S. because we have the rule of law.

----------------------------
Alas, alas, triple alas. How can an 'American' living off the 'American' tradition be sensitive to that argument?

The US of A has been a story of selective application of law (to receive a competitive edge) and 'Americans' know it.

Every 'American' who is managing to live the good old 'American' way can not receive the fallacy of the rule of law, they know it is false and they know they are making very good money out of the selective application of the law.

Just sounds like the Indians pleading for their ancestors' land, being confirmed in their rights by Supreme Court and US citizen Andrew Jackson pissing on them. Jackson was an important cog in the establishment of 'Americanism'
_____________________________
It’s why so many investors from other countries want to do business here.
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Absolutely not. It is not because of rule of law.

Two reasons to this: the US of A is the center of world consumption. It means that due to volumes flow, taking a small percentage on each transaction allows to collect the most wealth each time.

Eskimos could have the best rule of law in human history, their consumption capacity is so low that investors wont go because the incentives are low.

US citizen economics is based on consumption: the more consumption, the more you can grease your hands. It is like handling butter. Butter sticks to your hands. The more you handle butter, the more it sticks on your hands. Well known US citizen economics trick.

The second reason is the selective application of the rule of law. 'Americans' that is people who are the right side of 'Americanism' will be on the right side of the selective application of the law.
Who grew richer? The colonists or the Indians?
'Americans' from all around the world are coming to the US to look for the selective application of law that is going to favour them and make them richer.

Theft is unbypassable when one wants to grow richer. Any success is theft and one grows richer.
No matter how much you earn, if you manage to grab that candy bar from that kid over there, you are one candy bar richer.

Way it works.

Way of US citizenism.

Fri, 08/03/2012 - 11:36 | 2675947 akak
akak's picture

BORING!!!!

Fri, 08/03/2012 - 11:39 | 2675960 AnAnonymous
AnAnonymous's picture

'Americanism' and 'Americans' fail to innovate.

A boredom feel is much expected.

Fri, 08/03/2012 - 12:14 | 2676071 akak
akak's picture

Chinese Citizenism and Chinamen fail to innovate, preferring to shamelessly pirate and remarket intellectual property of Americans.

A whoredom feel is much expected.

Fri, 08/03/2012 - 06:40 | 2675109 Mr_Wonderful
Mr_Wonderful's picture
Ludicrous Times Op-Ed Forgets Entire Year of Wall Street History

http://www.rollingstone.com/politics/blogs/taibblog/ludicrous-times-op-e...

Fri, 08/03/2012 - 08:02 | 2675199 GMadScientist
GMadScientist's picture

Wow...moral philosophy FAIL!

As if the "drug wars" aren't the result of intellectually bankrupt attempts at prohibition; funny that you're signing on to use the state as your cudgel while fighting any and every real regulation tooth and nail.

Fri, 08/03/2012 - 09:39 | 2675549 rwe2late
rwe2late's picture

 Reagan's "drug war" and drug policies only worsened the overall corruption, violence, and injustices related to Prohibition II.

Portraying a localized reduction of blatant street violence as some kind of "victory" is misleading because it ignores the context.

In context, police drug crackdowns are essentially merely PR, to keep the bad consequences of dreadful policies out of the public eye, and to create a pretense that the government opposes what it by policy endorses, and by practice supports.

http://stopthedrugwar.org/chronicle-old/341/reagan.shtml

 

Fri, 08/03/2012 - 10:03 | 2675613 tip e. canoe
tip e. canoe's picture

in the cruel irony just gets thicker dept, GoldSacks invests in Rikers with Boomberg backing:

http://gothamist.com/2012/08/02/goldman_sachs_hopes_to_profit_from.php

Fri, 08/03/2012 - 12:36 | 2676138 Remington IV
Remington IV's picture

makes way too much sense

Fri, 08/03/2012 - 22:53 | 2676387 Miles Kendig
Miles Kendig's picture

Yes indeed Jonathan, Max Mermelstein shoulda gone to work for a different TBTF

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