Rep. Marcy Kaptur describes "rugged individualism" when it is used as a get-rich scheme for the likes of Goldman Sachs. She understands the results of Goldman Sachs's role in creating the financial crisis and the misfortunes that arise because of it. She dares to challenge the implied importance of Goldman Sachs and other institutions that think only of themselves and not the rest of the citizens of the US.
She makes some great observations and suggestions about Wall Street. Banks like Goldman Sachs "hurt the country" and no one has paid for this malfeasance. "Rugged Individualism" of the sort that Goldman Sachs exemplifies hurts the United States of America.
Thank you to a reader for the link to the following video:
This is The Most GUTLESS Institution! Congresswoman Marcy Kaptur
You can view the video here
6 COMMENTS:
Take a look at this...top/down corruption with no accountability!
A License to Lie, Backdated
The Supreme Court held is that, even though employees of Janus Capital Management company actually wrote any misleading statements, even though they managed nearly every substantive aspect of the operation of the fund, they cannot be held responsible because they did not “make” the statements. The “person” under law who made the statements was the entity on whose behalf the offending prospectus was issued, the investment fund, which has no capital other than the money it invests for shareholders. Under Janus, the management company is beyond the reach of aggrieved investors.
The really high-stakes fraud lately has been in the securitization business. The Janus decision gives CDO arrangers a huge get-out-of-lawsuits-free card. Each asset-backed security or CDOs is its own little investment company, a “special purpose vehicle” with its own notional directors or trustees, often incorporated in the Cayman Islands. Under the reasoning of Janus, any misleading statements in the offering documents for a securitization were made by the SPV, not the investment bank that put together the documents or arranged the deal. The SEC relied in part on Rule 10b-5 in prosecuting Goldman Sachs for its failure to disclose material facts regarding the ABACUS deal. Under Janus, that would no longer be possible.
http://www.ritholtz.com/blog/2011/06/a-license-to-lie-backdated/
Goldman's Disinformation Campaign: Drilling Down Into The Documents
By David Fiderer
Goldman's Disinformation Campaign: Drilling Down Into The Documents
In his latest Bloomberg column on Goldman Sachs, William Cohan makes an important point:
"Goldman hasn't made its internal analysis public, nor does it intend to, but it has showed the documents around town (including to me)."
In other words, the answer shall remain secret. Only those deemed worthy by Goldman may see its data, which purportedly refutes the Levin report. The rest of us are kept in the dark. We cannot challenge Goldman's claims, because we cannot see what they see. They know what they are talking about; we do not. Instead, we must rely on Andrew Ross Sorkin, Holman Jenkins, Dick Bove, and others to reveal the truth.
Except you don't need to read these secret documents to figure out what's going on. You need simply read the publicly disclosed documents to see how Goldman's defense is built on sand. Consider Goldman's accusation, dutifully reported by The Wall Street Journal, that Levin's subcommittee used "sloppy math and incomplete analysis" too determine Goldman's net short positions. That's not really true. Senate staffers used no math and performed no analysis. They simply copied Goldman's numbers.
http://www.zerohedge.com/article/guest-post-goldmans-disinformation-campaign-drilling-down-documents?
It looks like more hurt is coming...
Early Signs of Physical World Breakdown
I am starting to see some early signs of physical breakdown. In Europe Agriculture and Energy, In Japan as a result of Fukushima, in NY in regards to Wall Street jobs, in Washington in regards to pensions, and in the US in terms of medicine and access to medicine.
http://www.youtube.com/watch?v=cAooDnscb7s&feature=youtube_gdata
More on no accountability...
Two Supreme Court Rulings Give Big Companies “Get Out of Liability Free” Cards
If you had any doubts that the US has become a corpocracy, two fresh rulings by the Supreme Court should seal any doubt. They are stunningly bad, in that they reduce or gut the reach of well-settled law over large companies, to the degree that it will take very little in the way of effort for companies to organize their affairs so as to escape liability for their actions in areas that affect large numbers of citizens.
The through line in both rulings is the creative and selective use of the notion of corporate “personhood”. That personhood has been the basis for the extension of a whole raft of rights to corporations, including, perversely, the Constitutional right of free speech. Yet the same notion which has been used to confer privileges that companies lack in other countries is at the same time being construed so as to vitiate accountability, when ordinary people find it mighty hard to escape the consequences of their actions. I’m certain the Founding Fathers, who were wary of concentrated power, would be spinning in their graves at the logic and effect of recent decisions on this front.
http://www.nakedcapitalism.com/2011/06/two-supreme-court-rulings-give-big-companies-get-out-of-liability-free-cards.html
Goldman has absolutely nothing to worry about...
Crime pays in spades when you worship Hades
SEE...
JPM Settles Magnetar Charges Related To Misleading CDO Information With SEC For $153.6 Million
SEC TO HOLD CONFERENCE CALL TO DISCUSS ENFORCEMENT VS JP MORGAN
JP MORGAN TO PAY $153.6M TO SETTLE SEC CHARGES
JP MORGAN TO SETTLE SEC CHARGES ON MISLEADING IN CDO ON HOUSING
SEC CITES MISLEADING INVESTORS IN CDO TIED TO HOUSING MARKET
KHUZAMI: JPMORGAN FAILED TO DISCLOSE MAGNETAR'S ROLE, INTERESTS
KHUZAMI: JPMORGAN HAS REIMBURSED INVESTORS IN TAHOMA CDO
KHUZAMI SAYS SEC MISLED INVESTORS IN SQUARED CDO
Done and done. And now JPM is off the hook for ever and ever.
http://www.zerohedge.com/article/jpm-settles-sec-charges-related-misleading-cdo-information-1536-million?
THANK YOU SEC!..
Just remember this most states won't let a felon obtain a liquor license...but you can have a banking license! Thumbs up!!!!!!
So the Supreme Court is throwing its weight behind the banks and major corporations--quelle surprise! Where will it all end? I think it will end badly.
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