A Backdated - LICENSE TO LIE - The Supreme Court's get-out-of-jail-free card for Wall Street

[kpete]

The Supreme Court's get-out-of-jail-free card for Wall Street
The highest court of the land just made securities fraud a whole lot easier

The Supreme Court's get-out-of-jail-free card for Wall Street
Andrew Leonard
Salon.com
Monday, Jun 20, 2011 18:37 ET

The highest court of the land just made securities fraud a whole lot easier
Let's hope that the current Supreme Court is remembered by posterity as the absolute peak high point in judicial willingness to kowtow to corporate interests. Because if it gets any worse than now, it's hard to see any way forward for such antiquated concepts as democracy or level playing fields or simple justice.

Case in point: Last week's decision to absolve the management of an investment fund, Janus Capital Group, for any legal responsibility for misleading information contained in prospectuses for mutual funds created under the supervision of Janus.

The fund industry is cheering, and rightly so. The best explanation for what's at stake is provided by Steve Waldman at interfluidity.com but the essential point is simple. The Supreme Court just made it much, much harder for shareholders in mutual funds to sue the operators of those funds for exactly the kind of misrepresentations and malfeasances that were at the heart of the mortgage lending securitization fiasco that blew up the financial system and crashed the economy.

http://www.salon.com/technology/how_the_world_works/2011/06/20/supreme_court_get_out_of_jail_free_card_for_wall_street

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…The Supreme Court's decision in Janus is a license to lie. And it is backdated. The statute of limitations on Rule 10b-5 actions is five years. Perhaps naively, I had hoped that some of the egregious fraud of the securitization boom would be punished by investors, despite the "let's look forward," see-no-evil attitude of the regulatory community. Thanks to Janus, lawsuits-in-progress may be disappearing as we speak. Lawsuits regarding the particularly rancid 2006 / 2007 vintage of securitizations may never be filed…If you have a say in how a pension fund or endowment or bank invests its money, I can't imagine why you'd permit investment in any sort of securitization while you have no meaningful assurance that what is being sold to you is actually what you are buying, even or perhaps especially if the deal is being offered by a big, famous, "deep-pocketed" bank.

TONS MORE HERE:
http://www.interfluidity.com/v2/1923.html

via:
Clarence Thomas: Wheel Man For Wall Street’s Mortgage Fraud Getaway
http://www.dailykos.com/story/2011/06/21/987279/-Clarence-Thomas:-Wheel-Man-For-Wall-Street%E2%80%99s-Mortgage-Fraud-Getaway?via=siderecent

[RKP5637]

1. The smart Americans of the future will dump this whole crooked system, learn

how to be more self-sufficient by relying on community efforts and tell Wall Street to stuff it. Any thinking this is all going to work out in favor of most Americans, the majority, have really got their heads deep into the sand and blinders on. The typical American is being royally screwed. And many are still saying thank you. It's all so F'en up it's unbelievable how naive people are... and how they fall for endless propaganda and the pitchmen running things.

[Turbineguy]

2. Looking at commercials from the various brokerages.

They work hard attracting Traders. Take a completely useless profession. How many traders does it take to obtain price discovery? It's just possible that Wall street is the biggest single drain on the economy.

[RKP5637]

3. It's really a useless bunch, providing useless services and padding the costs. Basically they

are parasitic scavengers and the system supports them just because that's the way it's been done and the masses have been ingrained with this mindset that's the way it has to be. They laugh all the way to the bank over and over and over.

And our gov. caters to them, as they bought the gov. They all know what they are doing. Wall Street is nothing more than a bunch of Welfare Queens sucking off the system and contributing little than usury.