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Matt has outdone himself this time on this article.
The article is not solely about the housing and derivatives fraud but focuses more on the incestuous relationship between our government and the big boys on Wall Street.
It is a good read at about 6 pages long.
Quote:
Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer.
"Everything's ****ed up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."
I put down my notebook. "Just that?"
"That's right," he said, signaling to the waitress for the check. "Everything's ****ed up, and nobody goes to jail. You can end the piece right there."
Here are some choice quotes from the article.
Quote:
people who simply get their companies to pay their fines for them. Conversely, one has to consider the powerful deterrent to further wrongdoing that the state is missing by not introducing this particular class of people to the experience of incarceration. "You put Lloyd Blankfein in pound-me-in-the-ass prison for one six-month term, and all this bull**** would stop, all over Wall Street," says a former congressional aide. "That's all it would take. Just once."
But that hasn't happened. Because the entire system set up to monitor and regulate Wall Street is ****ed up.
Quote:
But a veritable mountain of evidence indicates that when it comes to Wall Street, the justice system not only sucks at punishing financial criminals, it has actually evolved into a highly effective mechanism for protecting financial criminals. This institutional reality has absolutely nothing to do with politics or ideology — it takes place no matter who's in office or which party's in power.
One such example of the corruption on Wall Street involves Gary Aguirre, a SEC investigator who was literally fired for going after John Mack, chariman of Morgan Stanley, involved in insider trading. He was not even trying to arrest Mack, but talk to him, but he was getting to close. In his investigations, he learned that his targets firm was being represented by the former US Attorney overseeing WallStreet.
Quote:
Aguirre didn't stand a chance. A month after he complained to his supervisors that he was being blocked from interviewing Mack, he was summarily fired, without notice. The case against Mack was immediately dropped: all depositions canceled, no further subpoenas issued. "It all happened so fast, I needed a seat belt," recalls Aguirre, who had just received a stellar performance review from his bosses.
Matt brings many more examples of the corruption involved between our government and those on Wall Street.
The systematic lack of regulation has left even the country's top regulators frustrated. Lynn Turner, a former chief accountant for the SEC, laughs darkly at the idea that the criminal justice system is broken when it comes to Wall Street. "I think you've got a wrong assumption - that we even have a law-enforcement agency when it comes to Wall Street," he says.
As I understand it Issa is attempting to investigate Countrywide and others while Clinton Alumni and other Democrat donors are actively blocking his efforts.
As I understand it Issa is attempting to investigate Countrywide and others while Clinton Alumni and other Democrat donors are actively blocking his efforts.
Matt has outdone himself this time on this article.
The article is not solely about the housing and derivatives fraud but focuses more on the incestuous relationship between our government and the big boys on Wall Street.
It is a good read at about 6 pages long.
Here are some choice quotes from the article.
One such example of the corruption on Wall Street involves Gary Aguirre, a SEC investigator who was literally fired for going after John Mack, chariman of Morgan Stanley, involved in insider trading. He was not even trying to arrest Mack, but talk to him, but he was getting to close. In his investigations, he learned that his targets firm was being represented by the former US Attorney overseeing WallStreet.
Matt brings many more examples of the corruption involved between our government and those on Wall Street.
Yeah, I don't know how old Barney Frank isn't doing hard time.
For the same reason that people who signed false income statements when gettig loans are not;is my guess. A huge can of worms.
Except that the article is not about derivatives and housing loans but corruption from all forms on Wall Street.
But using your sidetrack, lets see who made out?
On main street, we have a record number of foreclosures, with people forced on the street, a record number of unemployed with many on food stamps in order to survive,
while
On Wall Street, we have record setting profits, with the usual bonuses coming in, and a corrupt government propping up the stock market and the banks via a circle jerk to keep their game going.
Nice article. I think in the future people will look back at this point in history and wonder what the heck we were thinking regarding this level of lawlessness with the big banks and the "Federal" Reserve money changers and the decline of our country.
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