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Wed Jan 23, 2013, 02:47 PM

The Untouchables: How the Obama administration protected Wall Street from prosecutions

http://www.guardian.co.uk/commentisfree/2013/jan/23/untouchables-wall-street-prosecutions-obama

Glenn Greenwald comments on last night's Frontline and more...

PBS' Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable.

What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Indeed, financial elites were not only vested with impunity for their fraud, but thrived as a result of it, even as ordinary Americans continue to suffer the effects of that crisis.

Worst of all, Obama justice officials both shielded and feted these Wall Street oligarchs (who, just by the way, overwhelmingly supported Obama's 2008 presidential campaign) as they simultaneously prosecuted and imprisoned powerless Americans for far more trivial transgressions. As Harvard law professor Larry Lessig put it two weeks ago when expressing anger over the DOJ's persecution of Aaron Swartz: "we live in a world where the architects of the financial crisis regularly dine at the White House." (Indeed, as "The Untouchables" put it: while no senior Wall Street executives have been prosecuted, "many small mortgage brokers, loan appraisers and even home buyers" have been).

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Reply The Untouchables: How the Obama administration protected Wall Street from prosecutions (Original post)
Luminous Animal Jan 2013 OP
SidDithers Jan 2013 #1
Angry Dragon Jan 2013 #4
Whovian Jan 2013 #2
GeorgeGist Jan 2013 #3
Luminous Animal Jan 2013 #5
ProSense Jan 2013 #6
Luminous Animal Jan 2013 #7
ProSense Jan 2013 #8
Luminous Animal Jan 2013 #16
ProSense Jan 2013 #17
Luminous Animal Jan 2013 #19
Sekhmets Daughter Jan 2013 #18
naaman fletcher Jan 2013 #29
Yavin4 Jan 2013 #34
DeSwiss Jan 2013 #9
Luminous Animal Jan 2013 #10
reteachinwi Jan 2013 #11
woo me with science Jan 2013 #35
jwirr Jan 2013 #12
Luminous Animal Jan 2013 #14
magical thyme Jan 2013 #25
Luminous Animal Jan 2013 #13
WillyT Jan 2013 #15
WillyT Jan 2013 #20
woo me with science Jan 2013 #21
Politicub Jan 2013 #22
xxxsdesdexxx Jan 2013 #23
smokey nj Jan 2013 #24
smokey nj Jan 2013 #26
woo me with science Jan 2013 #27
xchrom Jan 2013 #28
Fire Walk With Me Jan 2013 #30
woo me with science Jan 2013 #31
Yavin4 Jan 2013 #32
datasuspect Jan 2013 #33

Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 02:48 PM

1. Greenwald. LOL...nt

Sid

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Response to SidDithers (Reply #1)

Wed Jan 23, 2013, 02:52 PM

4. As a Canadian what do you find so funny??

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 02:49 PM

2. A reluctant rec. A sad situation.

 

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 02:49 PM

3. Kick

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 02:57 PM

5. And David Sirota at Salon:

http://www.salon.com/2013/01/23/are_banks_too_big_to_jail/

Are banks too big to jail?

Breuer is saying that enforcing the law should not be — and no longer is, in the Department of Justice — prosecutors’ chief priority. Rather, he says listening to Wall Street’s economic arguments about the alleged cost of stopping and/or punishing lawbreaking should be.

Before you say that Breuer is just being a kind, compassionate guy, remember that the foundational notion of equal justice under the law is not supposed to be kindness or compassion. It is supposed to be blindness — specifically, blindness to a person’s stature and station, regardless of whether that person is a single human or a corporation. Even though that principle has never been applied perfectly (to say the least), the government is supposed to at minimum rhetorically honor its ethos.

Yet, here you have the Obama administration via its chief prosecutor setting the precedent for exactly the opposite: namely, a government that brags that when it comes to Wall Street, justice is not — and should not — be blind. Instead, as Breuer demands, prosecutors should be “kept up at night” worrying primarily about how an enforcement action will affect bankers who break laws and harm millions of Americans.

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 03:03 PM

6. Not true:

"the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis"

There have been prosecutions.

Former BofA Exec Indicted For Fraud
http://www.democraticunderground.com/1002990749

Former Chief Investment Officer of Stanford Financial Group Pleads Guilty to Obstruction of Justice
http://www.stopfraud.gov/iso/opa/stopfraud/2012/12-crm-785.html

Former Corporate Chairman of Consulting Firm and Board Director Rajat Gupta Found Guilty of Insider Trading in Manhattan Federal Court
http://www.stopfraud.gov/iso/opa/stopfraud/NYS-120615.html

Hedge Fund Founder Raj Rajaratnam Sentenced in Manhattan Federal Court to 11 Years in Prison for Insider Trading Crimes
http://www.stopfraud.gov/news/news-10132011.html

CEO and Head Trader of Bankrupt Sentinel Management Indicted in Chicago in Alleged $500 Million Fraud Scheme Prior to Firm’s 2007 Collapse
http://www.stopfraud.gov/iso/opa/stopfraud/ILN-120601.html

Yahoo! Executive and California Hedge Fund Portfolio Manager Plead Guilty in New York for Insider Trading
http://www.stopfraud.gov/iso/opa/stopfraud/NYS-120521.html

Three Former Financial Services Executives Convicted for Roles in Conspiracies Involving Investment Contracts for the Proceeds of Municipal Bonds
http://www.stopfraud.gov/iso/opa/stopfraud/2012/12-at-620.html

Former Chairman of Taylor, Bean & Whitaker Sentenced to 30 Years in Prison and Ordered to Forfeit $38.5 Million
http://www.stopfraud.gov/news/news-06302011-2.html
http://www.stopfraud.gov/iso/opa/stopfraud/2012/12-crm-342.html

Former Chief Financial Officer of Taylor, Bean & Whitaker Pleads Guilty to Fraud Scheme
http://www.stopfraud.gov/iso/opa/stopfraud/2012/12-crm-342.html

Seattle Investment Fund Founder Sentenced to 18 Years in Prison for Ponzi Scheme and Bankruptcy Fraud
http://www.stopfraud.gov/iso/opa/stopfraud/WAW-120210.html

Former Hedge Fund Managing Director Sentenced to 20 Years for Defrauding 900 Investors in $294 Million Scheme
http://www.stopfraud.gov/iso/opa/stopfraud/ILN-111117.html

You can go here and find convictions related to the current crisis: http://www.stopfraud.gov/news-index.html

I've researched the data, including the following chart that's past around to erroneously conclude that there have been fewer convictions. It shows prosecutions, not convictions. It's also not conclusive because it doesn't state what specifically it includes and appears to be related to bank fraud. Here's the reference:



This category can refer to crimes committed both within and against banks. Defendants include bank executives who mislead regulators, mortgage brokers who falsify loan documents, and consumers who write bad checks. (Here are some recent cases of bank fraud prosecutions.)

Goldman Sachs is not a bank. Still, even if it is mostly bank fraud, it does offer more evidence of Bush's "abysmal" record, as prosecutions dropped significantly during his Presidency. The drop off is likely due to fewer financial convictions, resulting from the repeal of Glass-Steagall.

The following is from the Financial Institution Fraud and Failure Reports for each fiscal year.



http://www.fbi.gov/stats-services/publications/fiff_00-01




http://www.fbi.gov/stats-services/publications/fiff-2002

(b): Types of Subjects Convicted in FIF Cases During FY 2007*
SUBJECT TYPE NUMBER OF SUBJECTS
Legal Alien 8
Illegal Alien 20
All Other Subjects 1,038
Bank Officer 88
Bank Employee 179
International or National Union Officer 1
President 1
Business Manager 2
Office Manager 2
Financial Secretary 1
Federal Employee - GS 12 & Below 1
State - All Others 1
Local Law Enforcement Officer 1
City Councilman 1
Possible Terrorist Member or Sympathizer 1
Company or Corporation 7
Local - All Others 2
Total 1,354

http://www.fbi.gov/stats-services/publications/fiff_06-07/fiff_06-07



http://www.fbi.gov/stats-services/publications/fiff_06-07/fiff_06-07

Given the charts directly above and the break out for 2007, it appears that most of the convictions were not bank executives. In fact, the majority were bank "outsiders," likely meaning more bad-check writers and document falsifiers.

Also, bank fraud is separate from corporate fraud, mortgage fraud, and securities and commodities fraud.

The following is from the Financial Crimes Report to the Public for each fiscal year:
(Note: The 2005 report does not break out securities and commodities fraud. The 2010-2011 report is the only one that breaks out financial institution fraud. All reports show corporate fraud and mortgage fraud.)

Through Fiscal Year 2005, cases pursued by the FBI resulted in 497 indictments and 317 convictions of corporate criminals. Numerous cases are pending plea agreements and trials. From July 1, 2002 through March 31, 2005, accomplishments regarding Corporate Fraud cases were as follows: $2.2 billion in Restitutions, $34.6 million in Recoveries, $79.1 million in Fines, and $27.9 million in Seizures. As Corporate Fraud statistical accomplishments were not provided before July 1, 2002, the following statistical accomplishments are reflective of this time frame through Second Quarter, Fiscal Year 2005.

http://www.fbi.gov/stats-services/publications/fcs_report2005/fcs_2005#CORPORATE






http://www.fbi.gov/stats-services/publications/fcs_report2005/fcs_2005#MORTGAGE

_________

During FY 2006, the FBI investigated 490 Corporate Fraud cases resulting in 171 indictments and 124 convictions of corporate criminals. Numerous cases are pending plea agreements and trials. The following notable statistical accomplishments are reflective in FY 2006 for Corporate Fraud: $1.2 billion in Restitutions, $41.5 million in Recoveries, $14.2 million in Fines, and $62.6 million in Seizures. The chart below is reflective of the number of pending cases from FY 2002 through FY 2006.

http://www.fbi.gov/stats-services/publications/fcs_report2006


During FY 2006, the FBI investigated 1165 cases of Securities and Commodities fraud and recorded 302 indictments and 164 convictions. Many of these Securities Fraud cases are pending plea agreements or trials. The following notable statistical accomplishments are reflective in FY 2006 for Securities and Commodities Fraud: $1.9 billion in Restitutions, $20.6 million in Recoveries, $80.7 million in Fines, and $62.7 million in Seizures. The chart below is reflective of the number of pending cases from FY 2002 through FY 2006.

http://www.fbi.gov/stats-services/publications/fcs_report2006/financial-crimes-report-to-the-public-fiscal-year-2006#Securities


Through FY 2006, 818 cases investigated by the FBI resulted in 263 indictments and 204 convictions of Mortgage Fraud criminals. The following notable statistical accomplishments are reflective in FY 2006 for Mortgage Fraud: $388.9 million in Restitutions, $1.4 million in Recoveries, and $231 million in Fines. The chart below is reflective of the number of pending cases from FY 2003 through FY 2006.

http://www.fbi.gov/stats-services/publications/fcs_report2006/financial-crimes-report-to-the-public-fiscal-year-2006#Mortgage


___________

Through FY 2007, cases pursued by the FBI resulted in 183 indictments and 173 convictions of corporate criminals. Numerous cases are pending plea agreements and trials. During Fiscal Year 2007, the FBI secured $12.6 billion in restitution orders and $38.6 million in fines from corporate criminals. The chart below reflects corporate fraud pending cases from Fiscal Year 2003 through Fiscal Year 2007 as follows: Fiscal Year 2003 - 279 cases; Fiscal Year 2004 - 332; Fiscal Year 2005 - 423; Fiscal Year 2006 - 486; and Fiscal Year 2008 - 529 cases.

http://www.fbi.gov/stats-services/publications/fcs_report2007/fcr_2007#corporate


As of the end of Fiscal Year 2007, the FBI was investigating 1,217 cases of securities and commodities fraud and had already recorded 320 indictments and 289 convictions. Additional notable accomplishments in Fiscal Year 2007 include: $1.7 billion in restitution orders; $24 million in recoveries; and $202.7 million in fines. The chart below reflects securities and commodities fraud pending cases from Fiscal Year 2003 through Fiscal Year 2007 as follows: Fiscal Year 2003 - 937 cases; Fiscal Year 2004 - 987cases; Fiscal Year 2005 - 1,139 cases; Fiscal Year 2006 - 1,165 cases; and Fiscal Year 2007 - 1,217 cases.

http://www.fbi.gov/stats-services/publications/fcs_report2007/fcr_2007#securities


Through Fiscal Year 2007, 1,204 cases resulted in 321 indictments and 260 convictions of mortgage fraud criminals. The following notable statistical accomplishments are reflective in Fiscal Year 2007 for mortgage fraud: $595.9 million in restitutions, $21.8 million in recoveries, and $1.7 in fines. The chart below reflects mortgage fraud pending cases from Fiscal Year 2003 through Fiscal Year 2007 as follows: Fiscal Year 2003 - 436 cases; Fiscal Year 2004 - 534 cases; Fiscal Year 2005 - 721 cases; Fiscal Year 2006 - 818 cases; and Fiscal Year 2007 - 1,204 cases.

http://www.fbi.gov/stats-services/publications/fcs_report2007/fcr_2007#mortgage


______________

Through FY 2008, cases pursued by the FBI resulted in 158 indictments and 132 convictions of corporate criminals. Numerous cases are pending plea agreements and trials. During FY 2008, the FBI secured $8.1 billion in restitution orders and $199 million in fines from corporate criminals. The chart below reflects corporate fraud pending cases from FY 2004 through FY 2008 as follows: FY 2004—332 cases; FY 2005—423; FY 2006—486; FY 2007—529; and FY 2008—545 cases.

http://www.fbi.gov/stats-services/publications/fcs_report2008/financial-crimes-report-to-the-public#corporate


As of the end of FY 2008, the FBI was investigating 1,210 cases of securities and commodities fraud and had already recorded 357 indictments and 296 convictions. Additional notable accomplishments in FY 2008 include: $3.1 billion in restitution orders; $43.6 million in recoveries; $151.4 million in fines and $84.2 million in seizures. The chart below reflects securities and commodities fraud pending cases from FY 2004 through FY 2008 as follows: FY 2004—987cases; FY 2005—1,139 cases; FY 2006—1,165 cases; FY 2007—1,217 cases and FY 2008—1,210 cases.

http://www.fbi.gov/stats-services/publications/fcs_report2008/financial-crimes-report-to-the-public#securities


Through FY 2008, 1,644 cases resulted in 560 indictments and 338 convictions of mortgage fraud criminals. The following notable statistical accomplishments are reflective in FY 2008 for mortgage fraud: $1.1 billion in restitutions, $3.3 million in recoveries, $3.1 million in fines, and 68 seizures valued at $476.7 million. The chart below reflects mortgage fraud pending cases from FY 2004 through FY 2008 as follows: FY 2004—534 cases; FY 2005—721 cases; FY 2006—818 cases; FY 2007—1,204 cases; and FY 2008—1,644 cases.

http://www.fbi.gov/stats-services/publications/fcs_report2008/financial-crimes-report-to-the-public#mortgage


____________

Through FY 2009, cases pursued by the FBI resulted in 153 indictments/informations and 156 convictions of corporate criminals. Numerous cases are pending plea agreements and trials. During FY 2009, the FBI secured $6.1 billion in restitution orders and $5.4 million in fines from corporate criminals. The chart below reflects corporate fraud pending cases from FY 2005 through FY 2009 as follows: FY 2005— 423 cases; FY 2006—486 cases; FY 2007—529 cases; FY 2008—545 cases; and FY 2009—592 cases.

http://www.fbi.gov/stats-services/publications/financial-crimes-report-2009/financial-crimes-report-2009


As of the end of FY 2009, the FBI was investigating 1,510 cases of securities and commodities fraud and had already recorded 412 indictments/informations and 306 convictions. Additional notable accomplishments in FY 2009 include: $8.1 billion in restitution orders; $63.4 million in recoveries; $12.8 million in fines; and $126 million in seizures. The chart below reflects securities and commodities fraud pending cases from FY 2005 through FY 2009 as follows: FY 2005—1,139 cases; FY 2006—1,165 cases; FY 2007—1,217 cases; FY 2008—1,210 cases; and FY 2009— 1,510 cases.

http://www.fbi.gov/stats-services/publications/financial-crimes-report-2009/financial-crimes-report-2009#securities


Through FY 2009, 2,794 cases resulted in 822 indictments and 494 convictions of mortgage fraud criminals. The following notable statistical accomplishments are reflective in FY 2009 for mortgage fraud: $2.5 billion in restitutions, $7.5 million in recoveries, and $58.4 million in fines; 128 seizures valued at $5.06 million and 226 criminal indicted assets valued at $510.1 million. The chart below reflects mortgage fraud pending cases from FY 2005 through FY 2009 as follows: FY 2005—721 cases; FY 2006—818 cases; FY 2007—1,204 cases; FY 2008—1,644 cases; and FY 2009—2,794 cases.

http://www.fbi.gov/stats-services/publications/financial-crimes-report-2009/financial-crimes-report-2009#mortgage


_____________

During FY 2011, cases pursued by the FBI resulted in 242 indictments/informations and 241 convictions of corporate criminals. Numerous cases are pending plea agreements and trials. During FY 2011, the FBI secured $2.4 billion in restitution orders and $16.1 million in fines from corporate criminals. The chart below reflects corporate fraud pending cases from FY 2007 through FY 2011.

http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011/financial-crimes-report-2010-2011#Corporate


As of the end of FY 2011, the FBI was investigating 1,846 cases of securities and commodities fraud and had recorded 520 indictments/informations and 394 convictions against this criminal threat. Additional notable accomplishments in FY 2011 include: $8.8 billion in restitution orders; $36 million in recoveries; $113 million in fines; and $751 million in forfeitures. The chart below reflects securities and commodities fraud pending cases from FY 2007 through FY 2011.

http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011/financial-crimes-report-2010-2011#Securities


During FY 2011, cases pursued by the FBI resulted in 521 informations and indictments, and 429 convictions of FIF criminals. The following are notable statistical accomplishments in FY 2011 for FIF: $1.38 billion in restitutions; $116.3 million in fines; and seizures valued at $15.7 million. The chart below reflects pending FIF cases from FY 2007 through FY 2011.

http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011/financial-crimes-report-2010-2011#Financial-ins


Through FY 2011, FBI investigations resulted in 1,223 informations and indictments and 1,082 convictions of mortgage fraud criminals. The following notable statistical accomplishments are reflective in FY 2011 for mortgage fraud: $1.38 billion in restitutions; $116.3 million in fines; seizures valued at $15.7 million; and $7.33 million in forfeitures.

http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011/financial-crimes-report-2010-2011#Mortgage



Pending cases are important because they can still result in convictions.

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Response to ProSense (Reply #6)

Wed Jan 23, 2013, 03:20 PM

7. You need to prove that any of these convictions are senior Wall Street bankers...

For now, I will believe the investigators at Frontline and also Bill Moyers who did an excellent show on this subject, as well.

Link to the Frontline piece: http://www.pbs.org/wgbh/pages/frontline/untouchables/

Link to Moyers: http://www.pbs.org/moyers/journal/04032009/transcript1.html

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Response to Luminous Animal (Reply #7)

Wed Jan 23, 2013, 03:25 PM

8. You mean, like CEO, chairman, executive?

http://election.democraticunderground.com/?com=view_post&forum=1002&pid=2246770

Hey, I want more bankers to go to jail too, but it's patently false to say that there was not "even a single arrest or prosecution of any senior Wall Street banker" prosecuted.

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Response to ProSense (Reply #8)

Wed Jan 23, 2013, 08:50 PM

16. In which Lanny himself admits during his interview that their has been ZERO prosecutions of the very

people who CAUSED the meltdown. Sure, there have been prosecutions for other matters but not the very thing that has caused so many people so much pain...




FRONTLINE: These sources said that at the weekly indictment approval meetings that there was no case ever mentioned that was even close to indicting Wall Street for financial crimes.

LANNY: If you look at what we and the U.S. attorney community did, I think you have to take a step back. Over the last couple of years, we have convicted Raj Rajaratnam, one of the largest hedge fund leaders. Now, you’ll say that’s an insider trading case, but it’s clearly going after Wall Street.


FRONTLINE: But it has nothing to do with the financial crisis, the meltdown, the packaging of bad mortgages that led to the collapse that led to the recession.

.....



FRONTLINE: But no Wall Street executives?

LANNY: No Wall Street executives, if that’s how you want to define it. But Raj Rajaratnam, he’s in jail.

FRONTLINE: Insider trading case.


http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/untouchables/lanny-breuer-financial-fraud-has-not-gone-unpunished/

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Response to Luminous Animal (Reply #16)

Wed Jan 23, 2013, 08:56 PM

17. You posted:

FRONTLINE: But no Wall Street executives?

LANNY: No Wall Street executives, if that’s how you want to define it. But Raj Rajaratnam, he’s in jail.

FRONTLINE: Insider trading case.


More from the link:

If you look at what we and the U.S. attorney community did, I think you have to take a step back. Over the last couple of years, we have convicted Raj Rajaratnam, one of the largest hedge fund leaders. Now, you’ll say that’s an insider trading case, but it’s clearly going after Wall Street.

<...>

Well, he’s a Wall Street executive. And so the reality? Well, I know that that’s not what you’re here to talk about. But the reality is, if a Wall Street executive was involved in a transaction, and on the other side of that transaction was another Wall Street executive, and they both had sophisticated lawyers and they both had sophisticated disclosure documents, as much as the conduct is reprehensible — and let me be clear here. I am personally offended by much of what I have seen. I think there was a level of greed, a level of excessive risk taking in this situation that I find abominable and I find very upsetting. But that is not what makes a criminal case.

What makes a criminal case is that I can prove beyond a reasonable doubt every element of a crime. And if you can show that you disclosed in some document that your lawyers created that the risks that were created that you felt were disclosed in some form, then I cannot prevail in a criminal case. And I have a constitutional obligation not to bring the case.



Hedge Fund Founder Raj Rajaratnam Sentenced in Manhattan Federal Court to 11 Years in Prison for Insider Trading Crimes
http://www.stopfraud.gov/news/news-10132011.html

More convictions: http://www.democraticunderground.com/?com=view_post&forum=1002&pid=2246770


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Response to ProSense (Reply #17)

Wed Jan 23, 2013, 09:00 PM

19. Of course you are missing the point of the exchange. Lanny didn't.

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Response to Luminous Animal (Reply #7)

Wed Jan 23, 2013, 08:59 PM

18. Nothing they did was illegal at the time...

We have this funny system in the US, you can't retroactively prosecute crimes.

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Response to Sekhmets Daughter (Reply #18)

Sun Jan 27, 2013, 01:18 PM

29. That's not true

 

Fraud, which is lying for money, is and was illegal.

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Response to Luminous Animal (Reply #7)

Sun Jan 27, 2013, 01:53 PM

34. Did The Frontline Documentary Mention What Laws Were Broken?

Under what laws should people have been prosecuted?

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 04:02 PM

9. K&R n/t

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 04:22 PM

10. Oh dear....

:large

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 05:04 PM

11. It's not just Frontline and Glenn Greenwald

 

who point out the lack of justice done in the wake of 2008. Many smaller fraudsters went to jail, but Charles Ferguson and William Black have been saying this for years.
http://www.sfgate.com/business/bottomline/article/Why-those-from-Inside-Job-aren-t-inside-a-prison-2473583.php

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Response to reteachinwi (Reply #11)

Mon Jan 28, 2013, 02:03 PM

35. Thank you. nt

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 05:57 PM

12. I see only one reason why we would have protected them. It is believed that they are too big to

fail and that if they did fail then the rest of the world would go with them straight into a world wide depression. I hope that is not true but it is a reasonable explanation.

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Response to jwirr (Reply #12)

Wed Jan 23, 2013, 08:34 PM

14. Prosecuting the criminals does not nessarilty mean destroying the institutions.

It's a bullshit excuse.

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Response to jwirr (Reply #12)

Thu Jan 24, 2013, 12:00 PM

25. It's neither a reasonable nor acceptable explanation

The US government could, as needed, take over "too big to fail" financial institutions, install new management, break them up, clean them up, and sell them back into the private market.

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 08:33 PM

13. It looks like Lanny Breuer can't take the heat.

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 08:38 PM

15. HUGE K & R !!! - Thank You !!!






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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 09:45 PM

20. Kick !!!


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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 11:34 PM

22. A travesty of justice indeed

I just don't know what we can do about it.

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Response to Luminous Animal (Original post)

Wed Jan 23, 2013, 11:42 PM

23. We must break up the big banks

When the top 10 banks control nearly 80% of all banking assets we have a problem. By the way, the top 10 banks are .02% of the banks.

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Response to Luminous Animal (Original post)

Thu Jan 24, 2013, 07:40 AM

24. Kick!

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Response to Luminous Animal (Original post)

Thu Jan 24, 2013, 03:02 PM

26. Eliot Spitzer was on Sam Seder today to discuss "The Untouchables" and Lanny Breuer's resignation.

Here's the link to the show.
http://majority.fm/

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Response to Luminous Animal (Original post)

Fri Jan 25, 2013, 09:23 AM

28. du rec. nt

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Response to Luminous Animal (Original post)

Sun Jan 27, 2013, 01:21 PM

30. Betrayal of the 99%.

 

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Response to Luminous Animal (Original post)

Sun Jan 27, 2013, 01:49 PM

32. Maybe There Weren't Many Wall Street Prosecutions Because Few Laws Were Broken?

The Gramm–Leach–Bliley Act legalized what the banks did:

The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106–102, 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001). It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. The legislation was signed into law by President Bill Clinton.

http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act

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Response to Luminous Animal (Original post)

Sun Jan 27, 2013, 01:52 PM

33. they all eat free meals together

 

better food than we'll ever eat.

they're all on the same team

you just don't do that to people you play golf with.

after all, your kids might need a coveted internship or job one day.

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