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In Financial Crisis, No Major Prosecutions - 4/15/2011 2:53:59 AM

SoulPiercer

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http://www.msnbc.msn.com/id/42592018/ns/business-us_business

This was an entertaining article. As you read it, keep in mind that the U.S. government just spent millions of dollars to prosecute a baseball player for lying about his use of steroids. By the way, they will be prosecuting another baseball player in July, again for lying about his use of steroids.

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 3:07:52 AM

Sanity

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There will be no prosecutions because certain politicians with ties to the president (and therefore William Holder) had their hands in the cookie jar, so to speak. Any prosecutorial trail would lead straight through the heart of Washington so therefore its 'keep moving, theres nothing to see here". .

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 3:40:46 AM

rulemylife

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This was the statement that really stood out:

"This wasn't a political thing so much as, 'We don't know if it makes sense to bring a big penalty against a bank that just got a check from the government,'" said one of the people briefed on the discussions.

So, the banks committed the fraud that caused the government to have to bail them out, but we can't prosecute the fraud because it wouldn't look good for the government after having bailed them out.

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 5:25:08 AM

Edwynn

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If you put a gun to somebody's face and steal $20, you get 20 years in jail.

If you wreck the entire economy and pay off a judge to to hasten foreclosure proceedings and sell completely bogus CDOs to pension funds and sell credit default swaps and force states to rescind predatory lending laws and put 8 million people out of work and steal several trillion dollars from tax payers, ... then you 'reach a settlement' with the government, and they dock your allowance for two weeks.

Oooo, I bet that hurt.

American justice is so harsh to corporations, isn't it?

< Message edited by Edwynn -- 4/15/2011 5:48:12 AM >

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 5:41:29 AM

rulemylife

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quote:

ORIGINAL: Sanity

There will be no prosecutions because certain politicians with ties to the president (and therefore William Holder) had their hands in the cookie jar, so to speak. Any prosecutorial trail would lead straight through the heart of Washington so therefore its 'keep moving, theres nothing to see here". .

So explain to me why there were no prosecutions made by the Bush administration.

You know, the administration that was in power when the financial meltdown happened and the administration that provided the bailouts.

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 5:47:13 AM

Termyn8or

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"So explain to me why there were no prosecutions made by the Bush administration."

Think I mentioned that. They are all in it together, both political parties are the same. There are just two departments. Kinda like the NFC and AFC in football.

T^T

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 5:50:36 AM

Edwynn

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Bush was Peyton Manning and Obama is Tom Brady.

I hear ya.

Reagan: defense contractors and coke dealers

Bush I: oilers

Clinton: bankers

Bush II: oilers and bankers

Obama: bankers, but still keeping some bit of oilers along for the ride

< Message edited by Edwynn -- 4/15/2011 5:55:52 AM >

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 6:47:59 AM

GreedyTop

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~FR~

SP!!! Great to see you!!

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 6:54:16 AM

pahunkboy

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DEADBEAT | Morgan Stanley Fund Fails to Repay $3.3 bn Debt on Tokyo Property, Walks Away Foreclosure Fraud | April 15, 2011 at 8:17 AM | Categories: bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud | URL: http://wp.me/pFWnq-5O7 Why would they do such a thing? The $4.2 billion MSREF V real estate fund missed its April 15 deadline to repay 278 billion yen($3.3 billion) worth of debt packaged in commercial mortgage-backed securities on the 32-story Shinagawa Grand Central Tower, a property which has seen its value plunge, two people involved in the transaction [...] Read more of this post

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 10:15:34 AM

popeye1250

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From: New Hampshire
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quote:

ORIGINAL: Edwynn

If you put a gun to somebody's face and steal $20, you get 20 years in jail.

If you wreck the entire economy and pay off a judge to to hasten foreclosure proceedings and sell completely bogus CDOs to pension funds and sell credit default swaps and force states to rescind predatory lending laws and put 8 million people out of work and steal several trillion dollars from tax payers, ... then you 'reach a settlement' with the government, and they dock your allowance for two weeks.

Oooo, I bet that hurt.

American justice is so harsh to corporations, isn't it?

Yeah, they need to have a fleet of those jail school busses with bars on the windows sweep right through Washington and put Holder on one of them for sueing Arizona.
The way to go after those people is to do it when they are no longer in office and vulnerable.

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 5:22:55 PM

tweakabelle

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From: Sydney Australia
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quote:

They are all in it together, both political parties are the same. There are just two departments. Kinda like the NFC and AFC in football.

Is this the most profound political insight posted here?

When it comes to big money is there any real difference between the parties? Not just in the US. The same applies here in Oz. I doubt if the UK or Canada are any different.

So, is it just a case of Pepsi or Coke? Tweedledum or Tweedledee? Same dress different accessories?

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 5:58:55 PM

tweakabelle

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From: Sydney Australia
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Here’s a nice juicy financial scandal for you.

In the mid-2000s, the Australian Wheat Board, a Govt. entity that acts as a cartel for Aussie wheat exporters, was found to have paid cUS $300 million to Saddam Hussein before the Iraq invasion. The $300 million were bribes to secure the lucrative Iraqi wheat market.

At the time, Iraq was subject to UN sanctions which prohibited wheat exports. The bribes were also directly contrary to Australian law. The bribes were passed with a nod and wink from the Australian Govt of the day, the same Govt that later committed Australian troops to the 2003 Iraq invasion against the wishes of the overwhelming majority of Australians.

No politician was ever charged with an offence. Charges were laid against 12 people, then dropped due to “limited” prospect of convictions and prosecutions not being “in the public interest” (whatever that means). A handful of individuals lost their jobs.

As the Iraq invasion meant that Iraq never paid for its wheat purchases, the cost of the wheat exported to Iraq under these contracts was eventually charged against the foreign aid provisions of the Budget. So who ended up paying for the entire debacle? The poor of the world paid, having lost on billions of aid $, $300 million of which went to Saddam Hussein instead. And the Australian taxpayer, who generously coughed up the billions to cover the cost of the wheat.

Sounds kinda familiar? Cynicism might not be the healthiest way of looking at the world, but it sure is a realistic one.

Verification of the above will be found at:
http://en.wikipedia.org/wiki/AWB_Oil-for-Wheat_Scandal#Litigation

< Message edited by tweakabelle -- 4/15/2011 6:07:34 PM >

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 6:21:10 PM

Real0ne

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Joined: 10/25/2004
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quote:

ORIGINAL: rulemylife

This was the statement that really stood out:

"This wasn't a political thing so much as, 'We don't know if it makes sense to bring a big penalty against a bank that just got a check from the government,'" said one of the people briefed on the discussions.

So, the banks committed the fraud that caused the government to have to bail them out, but we can't prosecute the fraud because it wouldn't look good for the government after having bailed them out.

not prosecuting fraud when they see it?

Ta
Ta
Ta
Ta
Ta

treason

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RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 7:58:52 PM

Edwynn

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It's not cynicism tweaker, it's taking a calm look at things as they play out and researching some bit beyond what the everyday media tell us.

Granted, this takes a bit more effort for those stateside, but ....

I actually learned to eat primarily vegetarian, and took all these natural survival courses even before I I knew how bad things really are.

Intuition is my friend, and so should it be yours.

< Message edited by Edwynn -- 4/15/2011 8:03:34 PM >

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Post #: 14

RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 8:58:41 PM

Fellow

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Matt Taibbi explained it the best: http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216?page=2

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Post #: 15

RE: In Financial Crisis, No Major Prosecutions - 4/15/2011 9:33:17 PM

Edwynn

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I couldn't read even three sentences into that before getting severely depressed, Fellow.

I just went and looked and I can't find all these outdoor survival books I used to have. Just one weed eating book out of the whole lot. No matter. I still know how to make fire with out lighters, and how to get shelter and have a somewhat better than 50% chance of not freezing to death.

(in reply to Fellow)

Post #: 16

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