Nail The “Robber Barons”!

Thanx to Clinton and his DLC a/holes we are stuck in this vicious cycle of banks dictating to the society……..the repeal of Glass-Steagall made it possible for banks to gamble with others money and not face any charges for their complicity in the fraudulent practices of a few big banks in the schemes……

Oh yeah the Obama admin passed a reform bill and some toothless regulations to make us think that we are safe to return to the “markets”……I disagree….I believe that this will happen again and the banks will be more covert in their operations…..but at least the present admin is trying to do something….JP Morgan has been hit with a little fine and Bank Of America as well….but they continue their fraudulent practices……

The FDIC has tried to change stuff………

The Federal Deposit Insurance Corp sued 16 of the world’s largest banks on Friday, accusing them of cheating dozens of other now defunct banks by manipulating the Libor interest rate.

The global financial institutions broke certain swaps contracts they had entered into with the now-closed banks, by separately colluding to rig the Libor rate to which the contracts were tied, the FDIC said.

They have also been sued by investors and others who claim they lost money due to the manipulation. A federal judge last March dismissed many of those claims that were based on antitrust law, but has yet to rule on cases that rely on the “breach of contract” theory used by the FDIC.

The lawsuit also accused the British Bankers’ Association, the U.K. trade organization that during the period at issue administered Libor, of participating in the scheme.

The BBA had said it independently monitored the banks’ Libor submissions, and represented that Libor was a “transparent” benchmark, even though it knew those statements were false, the FDIC said. A representative of the BBA declined comment.

The banks named as defendants include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, and Royal Bank of Scotland Group PLC.

Other defendants in the lawsuit are Rabobank, Lloyds Banking Group plc, Societe Generale, Norinchukin Bank, Royal Bank of Canada, Bank of Tokyo-Mitsubishi UFJ and WestLB AG.

Everybody wants me to be responsible for the stuff I do then corporations, who are people now, should be held to the standard that the rest of us are held……..if they commit a crime it is time for jail time and total restitution.

Public Enemy #1–Eric Holder

That’s right…I said public enemy #1….NO I am not jumping on the right wing bullshit wagon…..I do not like Holder for a whole array of reasons and none of them have anything to do with the talking points of the right talking points….like “fast & Furious” or drones or surveillance or…..pick a subject that they like to go on about incessantly….I am talking about why the Justice Department did not pursue the banks for their complacency in the 2008 economic meltdown….and why after all these years these same thieves are allowed to continue to play their dangerous game…..

After reading an article in Truthout….I ask these questions……..

Providing additional evidence that the Obama Administration’s Department of Justice (DOJ) is protecting “banks too big to fail,” Pulitzer Prize winning financial reporter David Cay Johnston has revealed that the DOJ has refused to force JPMorgan Chase to comply with an ongoing investigation into the bank’s possible knowledge of Bernard Madoff’s fraud scheme of a few years ago.

The information obtained might reveal that the bank chose to financially benefit from criminal activity:

Bernard Madoff’s principal bank, JPMorgan Chase, has for years obstructed federal bank examiners trying to ascertain what it knew about his gigantic Ponzi scheme, an official document obtained by Newsweek shows.

The Justice Department refused in September to back up Treasury inspector general staff who wanted a  court order to enforce a subpoena, in effect shielding JPMorgan from law enforcement, the October 8 document shows.

The Justice Department told the Treasury Inspector General “that they were denying the request for enforcement of the subpoena,” which means officials “could not undertake further actions regarding this matter,” wrote Jason J. Metrick, the inspector general special-agent-in-charge.

Johnston disclosed the latest damning indication of the DOJ shielding Wall Street banks that dominate US finanes in a Newsweek article. The DOJ pattern of not exploring potential big bank criminal activity was admitted to by Attorney General Eric Holder — as BuzzFlash at Truthout reported at the time — as recalled by Johnston:

Read More…

Holder is as much at fault as the bankers……time for this person to disappear (take that anyway you choose)……..crooks and cons are just that and until we hold those responsible for their actions we will continue this vicious cycle of boom and bust…..

The markets have gone batshit crazy, closing on record highs almost daily…..to me we are being set up for another meltdown…..maybe not tomorrow….but it is coming and coming hard!

Iceland Shows The World

This would have been the perfect gift for the country to give to its people on the joy of the season……start putting the thieves that work at banks in prison…….wishful thinking I know but at least one country has done the right thing…….(read on)…..

There has been lots of mumbling and grumbling about what the bankers were allowed to get away with when they caused the economic meltdown of 2008……..they have made obscene bonuses and still walk among us even after about 50% of the population lost lots of their coveted nest egg that they were depending on for a comfortable retirement….the American Dream was crapped on by the banks and the thieves they employ……some Americans have called for these crooks to be jailed for they basically robbed the population of their funds….but so far they got bigger bonuses and are not help responsible for their actions…….what to do…..what to do?

The small island country of Iceland has shown the world what should be done to these cons……

(Newser) – Iceland has done something highly unusual with some of the bank chiefs blamed for the country’s 2008 financial collapse: put them on trial and sent them to prison. Four former Kaupthing Bank bosses have been sentenced to between three and five years for market abuses relating to a deal where a Qatari sheikh bought a confidence-boosting stake in the bank with money that had been provided by the bank itself, the BBC reports.

Prosecutors said the loans, made soon before Kaupthing collapsed under massive debts, were made solely to boost the bank’s share price, reports Reuters. The bank’s former chief executive and chairman of the board received prison terms, along with one of its majority owners and the chief of its Luxembourg branch. The sentences are the heaviest Iceland has ever handed down for financial fraud, but prosecutors say a bigger case against Kaupthing is in the works

And that my friends is how you hold con artists responsible for their actions……America should follow suit….but NO…we fine them and let them return to the actions they were doing that caused the economic collapse……where is the logic here?

They Nationalized The Banks!

File this under the heading……Can’t Fix Stupid!

This is the cry from the right wing…..I read a bunch of these pieces of crap on Twitter today…..all were railing that the new “Volcker Rule” will, in essence, nationalize the banks and in turn bring down the whole economic system in the US….

For those with addled brains let me help with the definition of the term…….nationalization……it means the transfer of private assets  into public ownership……see how simple that was and has NOTHING to do with the new “Volcker Rule”………

Let me say here and now…If you believe that this will nationalize the banks then you are sadly mistaken…it will try to prevent the gambling by banks that caused the collapse in 2008…..I am guessing here but NO one wants to revisit the crippling effect that the banksters caused back then…..but do not take my word for it……

(Newser) – The FDIC and Federal Reserve both unanimously approved the long-debated Volcker Rule today, and three other regulatory agencies plan to before the day is out, making it official. The rule, named for and originally proposed by Paul Volcker, aims to ban proprietary trading, “or in plain English,” as the Washington Post puts it, “it removes the parts of banks that gamble and act like hedge funds, because those parts can blow up.” Or at least, that’s what it was supposed to do.

But big banks like JPMorgan Chase and Goldman Sachs have been lobbying against the law for more than three years, Bloomberg points out, and their “lobbying efforts paid off” in easing some provisions. On the other hand, recent weeks have seen a charge from regulators favoring a tougher version, and they’ve scored points, too, the New York Times reports. Here’s what each side won:

The Tough Side:

  • When JPMorgan lost $6 billion on the London Whale trade, it said the position was a “hedge.” The rule still allows hedging, but banks will now have to name a specific, quantifiable risk that each such trade is hedging against.
  • Bonuses and compensation must be structured in a manner that doesn’t encourage “prohibited proprietary trading.”
  • Chief executives will have to personally “attest” every year that the bank has measures in place to comply with the rule.

The Not-So-Tough Side:

  • Banks have until July of 2015 to implement the rule, though they must make a “good faith effort” to do so before that.
  • Banks are still allowed to “make markets,” meaning to act as middle men for clients who want to buy and sell stock. Under this guise, banks could buy and hold a stock, arguing that a client might someday want to buy it. The rule mandates that banks buy only enough to meet the “reasonably expected near-term demands of clients,” but leaves it up to banks to decide what’s reasonable.
  • Banks can still make proprietary trades in bonds issued by governments.
  • Many banks tell the Wall Street Journal that they think they’re already in compliance with the law, while some business groups say they intend to challenge the rule in court. Reform advocates, meanwhile, are starting to call again for a return to Glass-Steagall.

There you have it….this is NO one’s idea of nationalization.  If possibly do then I suggest that you spend less time on World of Warcraft and more time educating yourself on the issues….

Personally, I do not think that this piece of legislation goes far enough to prevent banks from doing the gambling that they have come accustomed to in the past……they are still allowed to gamble and that will cause yet more economic problems in the future…..

Ignored By MSM

Now that I have vented about the Clintons let’s move on to other issues……….

We all have heard the stories about embassy closings or RNC picking a pathetic battle with MSM, of course there will always bee a NSA story and a Obama scare story….but there were other stories that need our attention……but for some reason the MSM does not like these….

1. Over 200 arrested at anti-Chevron protest: More than 200 people were arrested outside of a Chevron refinery in Richmond, California, one year after a pipeline leak sparked a major fire at the facility.

2. Extreme heat is killing off thousands of fish in Alaska: Water temperatures reached 80 degrees in some parts of Alaska, prompting mass die-offs of salmon and trout.

3. Maine’s lobster boom, and why experts predict a dramatic bust: Maine’s lobstermen are enjoying a record catch, but it may be short-lived thanks to climate change.

4. Florida will hold hearings on its “Stand Your Ground” law this Fall: After weeks of protests by activists, Florida’s state legislature will hold hearings on its infamous “Stand Your Ground” laws sometime this fall.

5. NRA board member Ted Nugent: Trayvon Martin got what he deserved: Referring to the teenager as bloodthirsty “wannabe gangsta,” the conservative musician said that Martin “got justice.”

6. What you need to know about the closings of U.S. diplomatic facilities: Dozens of U.S. embassies across the world have been temporarily closed. Here’s what you need to know about why that is and what it means for the debates over diplomatic safety and privacy vs. security.  (This one made the nightly news….it is substance for more BS)……..The Right is stroking put because Obama told AQ that they were listening….but ask yourself….if he had not done this and there had been another attack what would the Right hve to say?  This is just too silly for the news…..

7. Spurred on by anti-abortion lawmakers, North Carolina’s Health Department is cracking down on abortion clinics: An outside investigation reveals that state lawmakers’ crusade against abortion may be directly influencing the health department’s recent flurry of clinic closures.

8. Banks continue to flout foreclosure law in Massachusetts: Wrongful foreclosures continue to plague homeowners in the state.

9. Police are seizing the property of people who have never been accused of a crime: As law enforcement officers continue to ramp up use of a controversial practice known as civil forfeiture, police are seizing cash, cars, houses, and other assets in the name of drug enforcement without ever having arrested or charged their owners with a crime.

10. Chicago cardinal pulls support from immigration groups who also back marriage equality: Cardinal Francis George says immigration groups that support marriage equality don’t “respect the teachings of the Catholic faith.”

I am open to any theory on the reason that these stories were ignored……tell me…..then we can discuss……

Blow Made Them Do It!

I enjoy a good conspiracy theory as well as the next guy…..I mean we have had good ones over the years….the Grassy Knoll, all the 9/11 stuff, ancient aliens caused the plague, and so on……I’m guessing that my readers have a few that they like over others…..like I said I good conspiracy is very entertaining.

Recently, I read one that made me chuckle aloud…….

(Newser) – Forget all those complicated economic explanations. The real reason for the financial crisis was simple: Bankers were doing too much coke, says a professor and former UK government drugs adviser. The drug made bankers “overconfident,” prompting them to take “more risks,” says David Nutt. Cocaine fueled their “culture of excitement and drive and more and more and more,” he says. It’s not Nutt’s first controversial statement, the Telegraph notes: He was fired from the government after saying ecstasy and horseback riding were about even, safety-wise; he’s also claimed that alcohol is more dangerous than heroin.

I wish I could say something clever, but this is beyond lunacy……thoughts?