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Monday, September 26, 2016

Bankers gone wild! Let’s tally some of their crimes:

JPMorgan Chase engaged in massive, systematic fraud to foreclose without cause or due process on innocent homeowners, tossing thousands of families into the streets.

Goldman Sachs profited by marketing an investment package that was designed to fail, collecting fat fees on each sale to unsuspecting investors who lost millions, while the bank also collected millions more from a side bet it made that, sure enough, its package would be a loser.

For years, HSBC has been butt-deep in a swamp of despicable, illegal money-laundering schemes, willingly processing billions of dirty dollars for vicious drug cartels and peddlers of arms to terrorist forces at war with America.

Many more examples abound. These are not poor saps desperately robbing a bank branch for a few hundred dollars, but criminal enterprises run by multimillionaire Wall Streeters who run in the finest social circles, are celebrated by the media and hobnob with the nation’s political elite.

Their corruption is complete; their crimes are documented. Yet, unlike sad-sack bank robbers, none of these Robbing Bankers have even been prosecuted, much less jailed. In fact, as revealed on PBS’s Frontline program earlier this year, frustrated prosecutors who served in the Justice Department’s criminal division two years ago report that “when it came to Wall Street, there were no investigations going on. There were no subpoenas, no document reviews, no wiretaps.”

Why is that? Where are the cops on the Wall Street beat?

Up in the suites, coddling the culprits, whom they know on a first-name basis. That’s because Attorney General Eric Holder and the chief of his criminal division, Lanny Breuer, have previously enjoyed lucrative careers as lawyers defending the very barons they’re now supposed to be prosecuting. Holder and Breuer both hail from the same Washington law firm, Covington & Burling, that specializes in representing corporate clients with legal issues at the Justice Department.

The moral here is clear: When engaged in high crimes, it literally pays to have friends in the highest places.

To transport them there, a secret cosmic door connects the parallel universes of Washington and Wall Street. It’s not the proverbial revolving door, but a wide-open passageway for easy flow back and forth — reserved for those in the know.

  • If you are going to commit a white collar crime in America do it big, otherwise you will be trading a lavish country club for the slammer. The CEOs and members of the boards of our major financial institutions have engaged in activities that were not only fraudulent and in some cases, illegal, they actually brought our economy to its knees and destroyed the confidence that millions of Americans had in the ability of our government to prevent the unthinkable. After a life of believing we were the greatest, we found out we are a country that depends on borrowed money to function, we learned that the infrastructure that we thought was the envy of the world is so far behind that in most industrialized countries that we may never be able to catch up with them, and we learned that when it comes to justice, that is a chimera that only applies to those foolish enough to engage in petty crime and get caught. A young shop lifter has a better chance of ending up in jail, than a CEO responsible for fraudulent activities involving billions of dollars. And when the latter are caught and their activities become public, the best we can hope for is a statement declaring they are too big to fail. What a sad state of affairs.

    • lana ward

      Obama wants us to fail. He’s been “leader” for over 4 years and things are getting worse and worse

      • labrown69

        Yea right – that is why the Dow is at record highs! You wingers live in a dream world. Just cut to the chase and say “I hate Obama whether he succeeds or not”.

        • lana ward

          Half of Americans are unemployed and on food stamps and it’s getting worse.Yeah, Obama is succeeding, succeeding in destroying America

          • labrown69

            Obama inherited a nation in free fall caused by 8 years of Republican negligence. With our entire infrastructure having crumbled it is childish to expect any president to turn it around in 4 years. Obama has done too little on financial services reform but he has been opposed by a dim witted and crooked GOP who refused to fund the SEC and opposed all attempts to re-regulate when deregulation is what allowed the economy to crumble in the first place. Your misplaced hatred is the mark of someone who is not bright enough to figure out what happened.

          • lana ward

            It was the dems that caused the financial crisis, NOT Bush. They sued banks to give loans to people that couldn’t afford to pay it back!! And right now, Obama wants banks to give loans to people that can’t afford to pay it back!! He wants to make sure this situation gets worse, faster!!!

          • labrown69

            That is a crock of sh*t Lana. All those LImbaugh lies about the CRA are for morons. There was only around a trillion bucks in sub prime loans total and most of those were made by non-CRA lenders who had nothing to do with the CRA. On the other hand, here is what the criminals you voted for represent:

            The latest reports show that all the real money in the world issued by
            governments totals around $85 Trillion. AND the latest reports show that 1/4 of all the money in the world is in the hands of “Companies”
            (Straw-men) controlled by people in the United States. And the last
            statistic I find important, is that the shadow banking system has now
            grown to approximately $1.25 QUADRILLION dollars.

            How did that money get to the Cayman Islands when it wasn’t there before the mortgage madness meltdown? If you don’t believe in magic or coincidence one can only conclude that the Cayman money, most of which came from the our country, derives (i.e., is a derivative of) the false . LANA – YOU ARE A TOOL AND YOU HAVE BEEN HAD!
            cash equivalents that was created by Wall Street. How did it get there.

          • lana ward

            Type in, “How the dems caused the financial crisis ” you will see a young Obama as an Acorn Attorney SUING banks to make sub prime loans. It’s towards the end of the clip. On YouTube. And he just said the other day he wants banks to make these loans again-I saw it!!! So you just eat your crock of shit

          • labrown69

            If you ever stop channeling Glen Beck for long enough to have a real thought you will find that you are clueless and should educate yourself. I would suggest you start with the Gramm–Leach–Bliley Act and the Commodity Futures Modernization Act of 2000. Acorn is irrelevant and this economy began to collapse in 2006 before you and other ignorant rednecks like you ever heard the name, Obama. Although it’s a slight digression, here is something every political neophyte should learn to Google: A vast majority of liar-loans were granted between 2001 and 2006 and you remember who the president was don’t you? These are facts and they are readily available to anyone except those who don’t want to know.

          • lana ward

            Acorn is alive and well and you know it. The crisis happened under Bush but the dems caused it. They lied to Bush. As much as you hate to believe it, it’s true.–And just WHY does Obama want to do it again??

          • labrown69

            ROTFLMAO! I am the idiot for arguing with you!

          • I’m just a guilty! She’s certifiable!!

          • Back at ya ignorant!!

          • lana ward

            Afraid of what you’ll see, coward? Check it out, it won’t bite

          • I swear, I have never seen or heard anyone more misinformed than You!!

          • lana ward

            EVERYONE one this site is uninformed. I’ve never seen this on any other site!!!

          • roguerunners

            Bush already destroyed America! And the Republicans in the house are doing everything they can to keep it that way. Do you even read these stories before you comment with your tedious nonsense? Most of the time what you babble about has nothing to do with the topic.
            We GET IT! YOU HATE OBAMA…over and over and over and…

          • awakenaustin

            Lana’s a troll.

          • lana ward

            So, I’m right

          • awakenaustin

            No, you are delusional and ignorant, and a troll.

          • lana ward

            And you’re a die hard loser

          • OOOPs! WE didn’t lose anything! You did!!

          • lana ward

            You lost our country for us, loser

        • plc97477

          S/he could just cut to the bone and say s/he hates african americans and we will not have to listen to it any more.

      • Oh yes! He has a personal agenda to make this country fail! Numbnuts!! Are you totally insane!! Geezus!!

        • lana ward

          Yes, he has an agenda to destroy America and he’s doing a good job of it!! Now he wants banks to give loans to those who can’t pay it back. Sound familiar???

  • charleo1

    The article asks, “Where’s The Cop On The Wall Street Beat?
    That’s a bit like asking, what has happened to the Loch Ness monster?
    There have been rumors, and reported sightings, of the creature. but
    scant proof it actually exists, or ever did. I think the word in Washington,
    or anywhere else in this Country, is, if you value your career, in politics, or
    business, don’t buck Wall Street too hard. Or, they will squash you like a bug.
    Any ambitious guy, or gal, with a MBA, or law degree, knows the best way to
    land a top job on Wall Street, is to get hired on, over at the SEC. You’ll get to
    know the players on both sides of this cozy, symbiotic relationship. Between
    those who are charged with enforcing the rules, and the Wall Street bankers,
    who do as they damn well please. This has been going on for years, of course.
    As far back as President Andrew Jackson. Who was deeply concerned about the
    Country keeping all of it’s money in The Bank Of New York.. And, Theodore
    Roosevelt famously broke up Standard Oil. And the term,”being railroaded,” wasn’t
    always a euphemism. The railroads did literally run the United States Congress.

    We are now in the era of the corporate. And, everyone should be concerned
    about these globally connected, conglomerates. For one thing, the politicians
    are scared to death of them. They throw around a lot of money. And exactly like
    the drug cartels, and gangs in Mexico, They give the, “Cop on the beat,” two
    choices. Silver, or lead? Look at the, hard core, bare knuckled, kind of politics
    being played in this Country, by figure heads, like Grover Norquist, or Karl Rove.
    they represent, a lot of power. How much? Enough to where, after Wall Street
    brought the economy to it’s knees, one of our two major political organizations,
    were aganist imposing any new regulations at all! In fact, Republicans were
    calling for more deregulation of Wall Street, and the corporate financial sector,
    just two months after the same banks needed almost a trillion dollars, to keep the markets, and creditors from eating them alive. So, how bad is it? I’m optimistic, that
    if the American public demands the control of their government be returned to
    them, it will happen. Democracy still works. But, not if we don’t use it.

    • You’re so concerned with Wall Street when it is our Federal Government that put us & our children TRILLIONS in debt? There is no one watching them and they aren’t accountable to The People. $716 Billion was stolen from OUR Medicare by Obama, and he has not yet passed any budgets. Our Federal Government is soon going to give Amnesty to 15 Million Illegals while 23 Million Americans remain unemployed, and S.S. is broke. And you worry about Wall Street?

      • sunmusing

        Wrong…on so many levels…Haven’t you even tried to find the truth? There are evidence based facts that refute every word of your argument… Or am I arguing with a troll?

        • midway54

          You certainly are arguing with a troll…and a significantly ignorant one at that. The nonsense about the 716 billion was proved absolutely wrong weeks ago. However. the dupes and yahoos never let truth get in their way, just as is the case with their idols at Fox “News” and especially the uneducated, porcine bloviator on talk radio with the EIB logo all around the studio in his mansion.

          • sunmusing

            Thanks..

        • bpai99

          Don’t feed a troll.

      • CPAinNewYork

        Yeah, I’m worried about Wall Street and the federal government and the neocons and the sleazebag rich. i’m worried about all of them.

        We have shit leadership.

      • charleo1

        Actually, we should worry about you. As long as you keep getting
        your information from the source that told you 23 million are jobless.
        It is high. About 8 million. But, 8, ain’t 23. Know what I mean? And,
        I’ll bet you that source of yours tells you the debt is growing by
        leaps, and bounds. Not true, Paul. The public indebtedness, in
        relation to the output of the economy, is the number to watch.
        And, as the economy recovers, and it is recovering, Paul. No
        matter what you’ve heard. Our debt situation is markedly better.
        Better than it averaged, over the last 4 years of the Bush
        Administration.
        I don’t care what they told you, Social Security is not broke.
        And this business about children paying the debt. I’ll bet the
        Country had a debt, when you were a child. Did anyone ever
        ask you to pay it? Like, okay kid, pony up that allowance money!
        Uncle Sam’s broke! Relax Paul. Stress will kill you a long time
        before the Federal debt ever will.

      • m8lsem

        And I bet you vote Republican even though it is they who have caused the massive expansions in the national debt, the ‘sainted Reagan’ doubled or tripled the national debt, and Bush 2nd tripled it again. The funds taken from Medicare were partly made excess by killing off medicare corporate frauds, and were reallocated to the Affordable Care Act which addresses some things reducing Medicare’s costs. Congress may or may not act to simplify citizenship for those who came here illegally, but those people are already employed or not according to the economy, not the law. And the economy was tanked by Bush 2nd, and the Republicans in Congress are making the Recession worse day by day. And all I’ve said in this post is Gospel truth. (By the way, please stop watching the propaganda channel, Faux Spews.)

      • awakenaustin

        Troll.

      • Wrong! Wrong! Wrong!

    • mike

      And the federal govt. had nothing to do with the meltdown?? The feds didn’t lower standards for Mortgages? Reno didn’t threaten law suits if the lenders didn’t give mortgages to people unqualified? Feds had nothing to do with Investment banks and regular banks merging? And Soros doesn’t go bare knuckled? And I bet you want bigger govt.? Where is Obama in this-oh disengaged again.

      • charleo1

        You sound like you know what you’d like to say. But, don’t have
        any facts to back it up. Sure, the Federal Govt. played a part in
        the deregulation. But, quite frankly Congress is not smart enough
        to come up with a scam as complicated as mortgage backed
        securities. I don’t hold government blameless at all. Congress
        in this instance, was doing what Congress had gotten into the
        habit of doing. Going along with whatever Wall Street told them
        they wanted. And, in this case, there were a few rules, and
        regulations, that needed to be knocked down to facilitate the
        scam. The truth is out there. But I don’t blame Wall Street for
        trying to cast the blame somewhere else. I mean, if I had
        screwed things up the way Wall Street did, I wouldn’t want
        to own up to it either. By the way, did you ever find out what
        Janet Reno was threatening the big banks with, to force them
        to make, trillions of dollars worth of bad loans? Murder? Cause
        they do have lawyers. lots of them. And, I guess she must have
        threatened the European Union, and Great Britain too. Because,
        they were doing the very same thing. So, just remember this
        little test. If it don’t make sense, it’s not the truth.

        • mike

          Hell, you forgot to add the Military Industrial Complex,

          Reno-lawsuits and fines(S10,000 per) for redlining. Hell Obama was involved in Chicago, oh another fact.

          Will if the truth is out there show it to me. Show me how Wall Street did it. Show me how people like Robert Rubin changed the system.

          Explain to me why the vote was overwhelming for passage of GLBA. Senate 84% dem., repub. 98%, House, dems. 75%, rep. 98% . So all these members of congress were hoodwinked by Wall Street. Nice try!!
          Oh you with such a brilliant mind and facts.

          • charleo1

            I didn’t mention the Military I Complex. Because it’s not
            relevant here. Nor, did the Community Reinvestment Act,
            something the Right likes to characterize as playing a major
            role in contributing to the crisis. Which is ridiculous. First of
            all, the Act did not lower the qualifications for individuals
            applying for loan. As you say, it dealt with redlining.
            Prohibiting banks, and mortgage lenders from requiring
            stricter standards for say, intercity applicants, than was
            applied to those seeking even larger loans in suburbia.
            And, not to belabor the issue, but it wasn’t defaulted loans
            that precipitated the crisis. Even as things started to fall

            apart in ’07, some 98% of all mortgages were current with
            loan repayment. What did happen in the summer of ’07,
            that stared the collapse, was the leveling off of already
            inflated property values, held by over leveraged banks.
            As all of these investments only worked if real estate
            values continued to increase. When they failed to do so,
            investors, very aware of their exposure, started cashing
            out. And, even as AIG had insured billions of dollars worth
            of these securities, with what was called a credit default
            swap, Due to the enormous sums involved, investors were
            not only losing faith in the bundled mortgages, but in AIG,s
            ability to back up the insurance policies they had sold.
            But, if one looks back over the several decades, it becomes
            very apparent who is driving this agenda of deregulation.

          • mike

            Duh!!! MIC was a joke!!! You have this conspiracy going I was surprise you didn’t mention it. Did I mention CRA? No!!! If you don’t know what was in GLBA let me know and I will read it to you at bedtime. One more time show me where Wall Street was in cahoots with Fed. Govt.. I gave you a place to start and you sure ignored him. No one is innocent with meltdown. Everyone dropped the ball, not just Bush as you progressives would like to believe. It is a sad period and will years to fix but this vitriol just to Bush, republ. is crap. This movement between WS and Govt. will always allow this to happen. Elite school graduates will always hire elite school graduates.

          • charleo1

            So, it is I, who have this conspiracy going? And, you want
            me to show you where Wall Street was in cahoots with the
            Federal Govt. And this is because you have never heard
            of such a thing? Or, you’ve heard of it, but don’t believe it?
            In either case, I’d be starting from scratch. And I just don’t
            have the time, nor inclination to do that. You did very well
            mention, you thought AG Janet Reno was threatening the
            banks over redlining. And that is referencing, CRA. See,
            this isn’t the first time I’ve heard this ridiculous little tale.
            Yours was the first I’d read, that fixed the blame on Reno.
            Usually, it’s Barney Frank, and Chris Dodd. The two
            Congressmen, and both Democrats, of course. who
            scared Wall Street so bad, they went down to the ghetto
            and begged the poor people to take their money. So scared
            were these poor, but honest, bankers. Now, you’ll believe
            that. But just can’t get your head around Wall Street influencing
            Congress?

          • mike

            I guess you have conveniently forgotten the 10 agency attack on banks directed by Clinton of which Reno’s department was one of. You also have forgotten the “Policy Statement of Discrimination of lending” entered in the Fed. Reg. 4-15-1994. Signed by Reno, Cisneros, Ludwig and Greenspan and 6 other agency heads. Which said: The agencies will not tolerate lending discrimination in any form. Hell, Michael Bloomberg is on record saying it was the fault of the Govt.. They did threaten, Period! So poor lending was started and then expanded in “97” and “99” with new laws that did further damage. Good lending practices were destroyed and for it we are paying dearly. Wall Street found “Derivatives” that Clinton admits was his fault for not regulating and the rest is history. Advice he got from Rubin and Summers(same guy in Obama admin.).

            Save your sarcasm for another day when it comes to Wall Streets influence. You made the statement, just back it up. Don’t tell me what I think or know. You made the accusation just back it up, that should be easy for an effete snob to do. I love you people so full knowledge that no on else can have an opinion but in your eyes it will always wrong.

          • charleo1

            I used no sarcasm when I say the crooks, and swindlers,
            and reckless gamblers have too much influence on public
            policy, for the good of the Country. Yes, Clinton made mistakes.
            Congress made mistakes. But, it’s important to know, their
            mistakes were in deregulation, not over regulation. Which seems
            to be your opinion. I’m telling you, you’re wrong, and I’m saying
            one need not be a genius to figure it out. And you seem to
            think Clinton, or the Federal Govt. mandated banks lower their
            standards to qualify for home loan, and that was the source of
            the problem. You want to think that, have at it. But, you’re wrong.
            What about Europe? These mortgage backed securities were
            bundled up, and sold as guaranteed, triple A rated investments to European Countries, State retirement plans, 70 trillion dollars
            worth. And you are trying to tell me, it was all about bad lending
            practices, and anti-discrimination policies? No. It was a scam,
            a con game. Look, you’re a Greek public official, in charge of
            investing your Country’s money. A guy from Lehman Bros.,
            or Merrill Lynch, says how about American real estate? Here’s
            a bundle of mortgages. Your investment for this size bundle
            will be 400 million dollars. The Greek asks, what kind of mortgages?
            The Lehman broker says, all kinds. Business real estate, homes,
            plots of undeveloped land. They’ve been averaging gains of
            15% per year, and up. Triple A rated, by all three American bond
            raters. The Greek asks him, if I lose 400 million, do you know
            what they will do to me? Lehman’s broker says, for a little premium
            AIG, the world’s largest insurance co, will guarantee you 5%,
            plus your money back, anytime you want it. These guys were
            leveraged 40 to one, some of them. And when the bubble they
            had been inflating burst, and investors came to cash out,
            the scam they had all been running blew up in their faces.
            Does that sound like poor lending practices caused by anti-
            discrimination laws? Believe what you want. But, if you want to
            be right. Ditch the Wall Street fairy tale.

          • mike

            If you want to take Dems. talking points fine. And if you can’t understand the “Policy statement of Discrimination lending”. that Clinton set up, that’s your problem. It forced banks to lower their loan standards to help the poor(no more redlining) and those unqualified to get loans, if you can’t see that then we need not continue. It is in black and white every where. Never said anything about deregulation. There are great articles dissecting the meltdown. NY Times Business, NY Times-Economy, Forbes, Factcheck.

          • charleo1

            If you don’t want to know what happened. Just blame it on
            those Democrats, who are always wanting to give their worthless
            poor even more of the hard earned money made by the 49% of
            the people still willing to work. But, they didn’t write the law for
            Europe, and the same thing happened there. So, get the explanation.
            When the whole thing started falling apart 98% of property loans
            were not in default. Explain that. It wasn’t defaulting loans, made to
            to poor people, that collapsed the housing bubble. It was the failure
            of property values to continue to rise. Which was the premise of the
            scam. And the realization of investors, the issuers had nothing like
            the amount of money they would need to allow everyone to cash out,
            and limit their losses. You have no idea of the size, and scope of
            the thing. Or you would automatically know what you’re saying can’t
            be correct.

          • mike

            Don’t put words in my mouth, no party, govt. regulatory agency, rating agencies is without fault. With little to no review Wall Street and pure greed took over. It was 6%(3.1 Million in 2008) of the loans and huge portion were sub-prime made to borrowers with POOR CREDIT, NO DOWNPAYMENT, NO VERIFICATION OF INCOME OR ASSETS. NY Times article “loans increased dramatically 9/30/1999, a move to help minorities and low income consumers to increase the rate of ownership”, Fannie Mae easing the credit requirements on loans that it will purchase from banks and lenders” NY Times no less.
            Why are you belaboring this??? Everything I have read says it started in US and it made a big impact on Europe.

          • charleo1

            “More than 30 years of deregulation and reliance on self-regulation by financial institutions, championed by former Federal Reserve chairmanAlan Greenspan and others, supported by successive administrations and Congresses, and actively pushed by the powerful financial industry at every turn, had stripped away key safeguards, which could have helped avoid catastrophe. This approach had opened up gaps in oversightof critical areas with trillions of dollars at risk, such as the shadow banking system and over-the-counter derivatives markets. In addition, the government permitted financial firms to pick their preferred regulators in what became a race to the weakest supervisor.”

          • charleo1

            These are but two of the conclusions found to be the fundamental
            reasons for the financial crisis. The study actually mentions the
            single separate study that blamed CRA. as one of a number of
            contributing factors. But the failure of the government agencies,
            and the Fed to properly regulate, and stem the volume of so called toxic assets.

          • mike

            What I said in the first sentence under ” Don’t put words in my mouth” covers your last 3 comments. No one did there job of protecting this economy and no one person is at fault. The damage has been done and we will pay for it for generations. Drop the subject. We are in deep feces and are going to be buried in new taxes for years. Recovery will be years in the making.

          • charleo1

            We conclude a combination of excessive borrowing, risky investments, and lack of transparency put the financial system on a collision course with crisis.

            “In the years leading up to the crisis, too many financial institutions, as well as too many households, borrowed to the hilt. . . . [A]s of 2007, the leverage ratios [of the five major investment banks] were as high as 40 to 1, meaning for every $40 in assets, there was only $1 in capitalto cover losses. Less than a 3% drop in asset values could wipe out a firm. To make matters worse, much of their borrowing was short-term, in the overnight market—meaning the borrowing had to be renewed each and every day. . . . And the leverage was often hidden—in derivatives positions, in off-balance-sheet entities, and through “window dressing” of financial reports available to the investing public. . . . The heavy debt taken on by some financial institutions was exacerbated by the risky assets they were acquiring with that debt. As the mortgage and real estate markets churned out riskier and riskier loans and securities, many financial institutions loaded up on them.”

    • CPAinNewYork

      Great post charley01. Wall Street scumbags are running roughshod over all of us. Obama talks about reining them in, but he and his chicken-hearted attorney general do nothing.

      I have an idea. Why don’t we grab Jamie Dimon, pull down his pants and whip his ass in Times Square?

      • charleo1

        I’ll bet we could make a fortune selling tickets!

        • plc97477

          I would pay to see that.

    • sigrid28

      Damn straight. And you do not exaggerate either. REALLY fixing this kind of sweeping inequality took a Civil War when it came to the loosening the tight grip of plantation owners, though the final skirmishes have been playing out over and over in courts and on streets where the cause of the Civil Rights movements still requires our support. That’s the hopeful example of how democratic solutions to this kind of inequality work out. The Great Depression illustrates a disastrous calamity brought about by the very situation

  • labrown69

    ELIZABETH WARREN FOR PRESIDENT IN 2013! She is the ONLY “cop on the beat”!

    • charleo1

      Gotta Love Elizabeth Warren! Sorry President Obama. But she is the
      best spokesperson we got, for the hard working, but just needing a
      break, Middle Class.

  • Robert P. Robertson

    It’s like when a young lawyer joins the office of the district attorney to prosecute criminals, learns the ins and outs of prosecutory techniques, then resigns his office to become a criminal defense attorney. Where is the ethics in that? Many of our politicians are lawyers who leave office to represent the lobbies that buy them. What Bruer did is commonplace in the legal system where these lawyers weasal in and out, back and forth through the legal system. Just like these local lawyers, these top lawyers are just as unscrupulous, and it affects the lives of millions of people on a daily basis. It begs for legal reforms.

  • I realize that it will NEVER happen, but Congress probably has the power to stop this rape of the American financial system.

    Legislation could be presented that outlaws, with criminal prosecution mandatory for violations, the movement from Wall Street to Justice and back. It could also outlaw movement from Justice to Wall Street and back.

    Of course the argument is that the players are best if trained on both sides of the door. However, it is clear that the training NEVER supports those on the Justice side. Only on the Wall Street side.

  • JDavidS

    “Where’s the Cop?” I’m gonna guess out having a donut…

    • Sand_Cat

      More likely, a steak dinner and free hookers provided by his friends on the beat.

  • elw

    We have let “too big to fail” make slaves of us all. Those “too big” corporations own the jobs we work at, the farms that grow the majority of our food, the doctors we visit and the homes, clothes, and how much money we make, many who are in Government and the news media we listen to. The have the power to help decide who we elect, influence our laws, and scare the pants off anyone in who does not bend to their will. They need to stopped. USE YOUR VOICE AND VOTE.

  • m8lsem

    The anti-trust laws need to be amended to require the executive branch to break up an entity “too big to fail” into more than one new company, none of which are anywhere near “too big to fail.”

    If the triggering event appears to be criminal, no implicated executive person of the original mega-corp may serve in one of the new companies, and the statute of limitations on prosecution for misconduct of one or more persons of the original mega-corp shall be extended until two years after the launch of all the new companies, if that’s a longer period than the law already provides.

    And then let’s have Glass-Steagle back.

  • This is nothing new, the rich protect their own. What is justice? to do the right thing.

  • bpai99

    Further evidence (as if any was needed) that this world is run by the Golden Rule: those with the gold make the rules.

  • How about the fact that the Congress completely gutted funding from the financial crimes division of the department of justice? To me that very act tells me that all these clowns are in cahoots with the crimes perpetrated on the American populace.

  • Sand_Cat

    Another betrayal from Obama.

  • howa4x

    When the only ethos is greed, and they convinced the middleclass to go along, what did you expect? Government can’t touch them because they missed the boat when the meltdown happened. Paulson, Bush’s sec of treasury,a true wall streeter was at the helm and the banks should have been broken up. Now that we missed the moment they have become once again too big to fail and can keep the heat away by their sheer power. They are the tail that wags the dog.