As you might imagine, the ongoing revelations about the SEC (Bernie Madoff, Allen Stanford, and porn, among others) has made things somewhat awkward for the agency's employees. Children jeer at them on the street. Priests sigh in disgust when they confess the name of their employer through the grate. Their local deli guys are like, "How's it hangin', ladyboy?" when they stop in to buy cigarettes. Even old ladies give them a hard time, according to this morning's Journal.
One ex-SEC lawyer was asked at his mother's birthday party: "How does it make you feel that your agency is absolutely incompetent?"
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Read the rest here
As funny as this story is, I think it is a distraction and a farce because there IS fraud and crimes WERE committed. The SEC is filled with Goldmanites and this lawsuit will do nothing but create the appearance that something is being done to stop the corruption when you and I both know it won't do a damn thing until every single incumbent is voted out and replaced with honest Congressman who put the people of the USA above corporations and profits and we have a president that kicks all these revolving door Goldmanites out of government positions and replaces them with people that care about our country like Bill Black, Elizabeth Warren and Ellen Brown.
5 COMMENTS:
Too much "coziness":
http://tinyurl.com/2elpk6g
Read this and tell me where the author is wrong..
Unhinged: When Concrete Reality No Longer Matters to the Market
We’ve allowed big banks and affiliated institutions to simply concoct fake wealth out of thin air, and we have legitimized and rewarded these concoctions with a massive transfer of real wealth to a very small but powerful oligarchy through unregulated private bets backed by public taxpayer money, stratospheric fees siphoned from transactions, predatory lending, and private equity cannibalization of once-productive firms.
Post Mortem and Review
A post mortem is in order. The elements of this worldwide con game are remarkably simple, not complex at all. Apparently you only need a few things to make a mockery of the entire global economic system, and big banks garnered these few important things through “regulatory capture”:
1) Unregulated, unenforced rules (particularly for derivatives)
2) license to “mark to model” (assign your own values to your assets)
3) ability to peg present value to irrational expected future returns (based on unlimited, exponential growth)
4) infinite leverage (no effective requirements for reserve capital in unregulated “shadow” markets)
5) massive size, so that the bank is "too big to fail"
6) non-transparency and non-accountability.
This combined with the moral, social, personal, and cultural approval of maximizing profit at any cost, incentivizes massive fraud and counterfeiting. How could this be otherwise, given the premises?
http://tinyurl.com/238sbqq
I couldn't have said it better myself!
"Because they'd hang us in the streets if we didn't do anything about it"
All show , no go , maybe they'll get teeth someday and actually do something!
That's a very nice summary of the world's financial system and how to live comfortably outside it. Thanks so much. I recommend everyone go to:
http://tinyurl.com/238sbqq
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