Everyone in the world of finance knows what has been going on for the past few years; the culture of moral corruptness at the very core of the casino. SOP has been a criminal enterprise, with conflicts of interest running rampant from the top down–and none more criminal than the government sponsored “bailout”.
Now we are going after the Godfather of the Seven Families for tax evasion? This is just the tip of the iceberg, if you know what I mean…
It won’t be over-leverage or the misuse of capital that brings our financial system to its knees. It will be the prosecution of corruption that had infiltrated the very core of every firm. If the government wants to, they could find shit in every dept. of every firm and certainly not just in sub-prime or CDO’s. From the top to the bottom, it has been and continues to be a land grab at any cost–sponsored by said government.
Do they really want to go there after spending trillions to save the sinners? I doubt it. We all remember what happened to Drexel, don’t we. The gov. can bury anyone–even their right arm if they are spiteful enough. But the ends would be the ultimate cost.
As I’ve said before; this is Chicago-style, Mafia-type tactics designed to force the banksters to stand down against financial reform. This is a classic game of hardball, but the stakes are in the hundreds of billions. Somewhat punitive financial reform will pass very quickly now. Abacus will be remembered not as the destroyer of Wall Street, but as something invented by the Chinese and used to count coin.
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Your commentary did not come in the form of crude computer animations and robotic speech, so it is rendered invalid.
They hired me to be the straight man…I’m the only one who is not incognito…
Then at least get a gravatar …. let me suggest Rocky from “Rocky & Bullwinkle” … remember the one who “pulls a rabbit out of his hat?” … not him but the other guy!!!
Or else Sly as Rocky …. just saying.
I really don’t know how you can go after GS and not MCO.
I think ACA should be the ones being investigated. They rubber stamped the package, collected their fee and moved on apparently without doing much DD. One of their guys asked why the WFC portions were removed and they still went ahead with approval.
The whole deal sounds like one of those scenarios where a grad student comes out with a kick ass piece of research. Then his professor puts his name on it and gets all the credit. That’s what ACA was shooting for, but after it blew up in their ass they had to pin it on somebody else.
never that of that tactic, but…hmmmm….
I rarely listen to rants but this was quite excellent
Not a rant, TA. Just some explanitive commentary as I see it.
Payback is a bitch, Scott. Do you remember when Obama invited the bankers to the white house and Blankfein and, I think, Dimon, didn’t show up because of some “travel snag.” Congress is already calling for justice to get in on the act. Chicago style street brawl it is. What I admire is that Obama understands that all he had to do was throw a little meat into the water and the sharks would start a feeding frenzy. The russians thought they could run over him, but he got everything he wanted in the Start treaty. Netanyahu thought he could bitch-slap his VP around. He was duly spanked and made to eat dinner in his room.
Come on, be honest, don’t you think the govt has to reassert sovereign priority here. I mean, we don’t really want to live in a country controlled by a bankster mafia, do we?
Who paid the bonuses for Wall Street and how it worked:
1. FASB capitulates and allows holders of OTC derivatives to value them at whatever they wish.
2. International investment firms begin strong mark up policies towards their crap inventory.
3. Profits from the mark up of crap OTC derivatives by the international investment firms is recognized as trading income.
4. Tarp money comes into the firms and goes out as bonuses to the management, trading department and general employees at obscene levels.
5. Stock and bond issues are made to pay back tarp funds.
6. Therefore the money bonuses out by the international investment firms were TARP funds, not real earnings, but false FASB permitted mark up paper earnings through the trading department and declared as trading income.
7. The TARP money was paid back through the issue of stocks and bonds to the public, therefore the public paid the TARP back, not the financial institutions.
8. The obscene level of bonuses is because this game of convert false paper profit into cash into the bank account of the banksters and their merry crew is now game over. It was the last dip at the well of public funds laundered via TARP of the caved in FASB.
9. In the final analysis the public paid those obscene bonuses that were in truth, unearned.
And it only took you one year to figure out what most people knew 15 minutes after the FASB announcement regarding M2M? Bravo.
The timing says it all. Uncle Bam & Co have shit on everyone, as someone pointed out, so now they are using legal threat to induce GS to apply pressure to a Republican Senator of their choice, in order to get the Financial reform through congress. In short, submit to Der Fuehrer’s reform, or pay the price.
“Corruption is why we win.”
http://bit.ly/4Gbn1m
And here it is now:
Grassley Bucks GOP, Backs Derivatives Curbs
http://online.wsj.com/article/SB10001424052748704133804575197962008213550.html?mod=rss_Today%27s_Most_Popular