Cuffed Or Bribed?
The Market Ticker ® - Commentary on The Capital Markets
Posted 2012-02-02 08:23
by Karl Denninger
in Corruption
Ignore this thread
Cuffed Or Bribed?
 

Oh look, show trials complete with plea deals that are entered at the same time as are the charges!

Federal prosecutors unveiled criminal charges against three former Credit Suisse Group AG employees, providing a window into the way traders allegedly invented inflated values for mortgage bonds during the financial crisis.

Two of the three men pleaded guilty to criminal charges of conspiracy, admitting they attempted to conceal the scheme from managers in a bid to boost their bonuses.

Yes, and happy days are here again, the bad guys are all in prison and we can all go back to our work.

One employee was captured on a taped call worrying that "someone is going to spot" the inflated prices, prosecutors said. When another employee told his boss he should book a large loss, the boss allegedly balked: "That's a lot of money, dude," according to a taped conversation cited by prosecutors.

Wait a second... Taped call eh?  From 2007 and 2008?  Can someone please explain why it's four years later when we're seeing these charges?

Oh, I wonder if the delay has anything to do with this?

A U.S. Justice Department source has told The Daily Caller that at least two DOJ prosecutors accepted cash bribes from allegedly corrupt finance executives who were indicted under court seal within the past 13 months, but never arrested or prosecuted.

The sitting governor of the U.S. Virgin Islands, his attorney general and an unspecified number of Virgin Islands legislators also accepted bribes, the source said, adding that U.S. Attorney General Eric Holder is aware prosecutors and elected officials were bribed and otherwise compromised, but has not held anyone accountable.

The bribed officials, an attorney with knowledge of the investigation told TheDC, remain on the taxpayers’ payroll at the Justice Department without any accountability. The DOJ source said Holder does not want to admit public officials accepted bribes while under his leadership.

Say it isn't so!  I mean, c'mon -- there hasn't been anything going on with bribery when it comes to, oh, Jefferson County in Alabama, right?  We haven't actually seen municipal officials go to prison while the banksters who booked outsized profits (and after all, for there to be a bribe someone must offer a bribe while someone else receives said bribe) walk around chuckling, right?

But this allegation is a new low -- if true, then there are people walking around right now who had indictments filed under seal but the indicted handed over the proverbial "big envelope" and, well, people sorta "forgot" about it.

Read the whole story over at Daily Caller.  It's disgusting, and one has to assume that if this occurred in that context it is probably not an isolated incident.

Discussion below (registration required to post)
 

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User Info Cuffed Or Bribed? in forum [Market-Ticker]
Asimov
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smiley

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It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
Vcdf49a
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I'm shocked, absolutly shocked, that gambling (excuse me, bribery), is going on here.

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Death is natures way of telling you to slow down.
Kamath
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Sweden
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Hehe...

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"Yep - and that ****er didn't want to light either. I had to soak it in gasoline for a full day before that rat bastard thing would combust." - Karl Denninger
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Kylafoon
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Thoroughly disgusted with this completely corrupt Administration.

Don Corleone said it best "The higher up I go the crookeder it gets".

Combine this with Fast & Furious, New Black Panther thugs, Rezko,
Blago, J. Jackson Jr.....on and on....

It's just as disgusting that they are allowed to get away with this ****.

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"...But whenever we see things done wildly, but taken tamely, then the State is growing insane..." - Gilbert Keith Chesterton 1910

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008
J0nx
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I'm telling you, the people need to DEMAND not ask for Holder's IMMEDIATE firing and then indict, try and jail his ass for crimes and dereliction of duty. People should be standing outside his office old west style demanding that they send him out at this point. America has become a joke and we have noone to blame but us.

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The fraud and lies are only allowed to continue because the people allow it. Either through apathy or ignorance, they still allow it.
Oldpool
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Its over for this country I'm sorry to say.

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Liberty, Comrade!
Madashel
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Gone
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It's been over for some time. I've learned to live with it and participate in it as little as possible. It's a meager existence but more rewarding than being a part of something I no longer believe in. I'll be dead before I ever put one shiny penny into the system again. They can all diaf for all I care.

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I know not what others may choose but, as for me, give me liberty or give me death. - Patrick Henry
Trades50
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Holder adds nothing. He's just a figurehead making back room deals and collecting a paycheck.

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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
Ktrosper
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Madashel wrote..
It's been over for some time. I've learned to live with it and participate in it as little as possible. It's a meager existence but more rewarding than being a part of something I no longer believe in. I'll be dead before I ever put one shiny penny into the system again. They can all diaf for all I care.


/nod we're heading in that direction.

I'm thinking that this is what collapse looks like...

At some point justice will be done. It'll take place outside of the hands of our currupt LE and Judiciary, but it'll be done.

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The unexamined life is not worth living.-Socrates
The only stable state is the one in which all men are equal before the law.-Aristotle
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Visualcsharp
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Who's watching the watchers watching out for us (allegedly)?

The answer is: no one.
Attilahooper
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Oh don't worry, Obama's consumer protection czar will come to our rescue.

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2dogs
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Hmmm... might have to bring back my old signature...

"Everything's ****ed up, and nobody goes to jail." - former Senate investigator
http://www.rollingstone.com/politics/new....

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Steph4liberty
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Serious question - has Holder done anything his office is supposed to do? Why are we paying this asshat?

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Duc888
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This is bull****. I'd like to "opt out" of this **** show.

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...burp
Smacktle
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I hope justus will be done, but nobody I talk to even realizes whats going on!

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Andysvw
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Civil Grand Jury. Sick the local DA on that guy. Turn them on each other.
Joejohns
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You want justus, re-elect the clown.

That's the only chance you have, as if he hates the free market,etc.etc.etc. then there is a chance that facing no re-election pressure he may unleash hell on the sector and if not jail them at least bankrupt some of them as well as some innocents. But, that's the way of the world.

Vote for MORE Hope and change.(and justice)!


Mannfm11
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I just posted this article to my FB page. Maybe a few more people will find out what kind of crooks we have running the country. What do you think the President is getting in a bribe? Remember, Slick Willie was passing the hat to defend himself against the charges of Jennifer Flowers, Claiming peonage. 10 years later his old lady runs for President and presents a $50 million net worth financial statement. Remember $50 million is $80 million before taxes.

Of course all of us in blog land aren't surprised. There was close to $1 trillion in pure crap passed around if you don't count the conforming FNMA/FHLMC stuff. It was all represented as good paper. I think 1000 or so S&L guys were prosecuted 20 or so years ago and that was miniscule in comparison. We have all been wondering where these guys heads have been. Maybe up their asses, but I think it has been their hands in others pockets instead. Maybe the 2 convicted didn't pay tribute or donated to McCain or Romney.

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Ribbit
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Nonfeasance - The intentional failure to perform a required duty or obligation.

We are suffering from a glut of this, due to systemic, root and branch corruption and criminality, over here too.

"...the problem is everyone is still looking for a legal way around a illegal problem...there is none..." Striderus


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If the State was a Nanny, it would have been fired for incompetence, unreliability, and having its hands in the till, a very long time ago now.
Uppity_peasant
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Geez, Karl - why are you being so hard on these upstanding pubic servants?:

Quote:
"The {bribed} prosecutors themselves are now cooperating with Justice Department investigators."


ROTFLMAO! You can't make this stuff up! Gosh, golly gee! How thoughtful of them to "cooperate".

Quote:
TheDC is withholding the name of the source, a knowledgeable government official who served on the Justice Department’s arrest team and was involved in the investigation, in order to prevent career retaliation from political figures in the Obama administration.


Read more:

http://dailycaller.com/2012/02/01/briber....

See, if the Obamaites find out who this is, there'll be retaliation, Chicago-style.

And you can bet the pointy-teethed zampolit vermin are DILIGENTLY working to find out who talked.

Finding out more about the corrupt prosecutors - not so much...

Quote:
That source said that until the summer of 2011, the two compromised prosecutors were part of a team of more than 25 federal prosecutors pursuing a financial crime ring, and at least five other prosecutors tasked to the case were also compromised by the criminal suspects they were investigating, without being bribed.


Wow. I feel much better now...


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If it's true that "assault weapons" are "weapons of war" and don't belong on the streets of America, why do the police need them? Who are the police at war with?
Fedwatcher
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If the Main Stream Media was not in on this game, the nightly news would have 15 minutes on this and other examples every night. It is there to be found, providing you are looking for it.

At the start of this Global Financial Crisis it was all about "inventing" causes that would leave the guilty unprosecuted. This shifted to a few prosecutions of little people on the perifery, again to deflect attention away from the boys at the top. Now we see guilty pleas where people at the bottom claim that they hid it from their bosses. These are what we will see.

In the mean time there is this thing called the statute of limitations, thus if you created and sold a bag of bad loans rated AAA before 2/2/2007, you cannot be prosecuted for securities fraud. That leaves RICO as the only avenue for justice.

The interesting thing is that on 2/2/2007, no one was buying those "bags" thus most if not all of the securities fraud is already 5 years old. The Crisis of 2008 was due to the fact that the issuing banks were stuck with garbage they could not pass on to suckers in Europe. The Fed pumpped up liquidity to buy time and caused two major tops in the Dow in 2007. But by late 2008 Wall Street ran out of time.
Inline
Mannfm11
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Good to see you here Fed.

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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
Throxxofvron
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Quote:
A U.S. Justice Department source has told The Daily Caller that at least two DOJ prosecutors accepted cash bribes from allegedly corrupt finance executives who were indicted under court seal within the past 13 months, but never arrested or prosecuted.


The best 'Department of Justice' money can buy.

Quote:
The sitting governor of the U.S. Virgin Islands, his attorney general and an unspecified number of Virgin Islands legislators also accepted bribes, the source said, adding that U.S. Attorney General Eric Holder is aware prosecutors and elected officials were bribed and otherwise compromised, but has not held anyone accountable.


John De Jongh, DEMOCRAT; Governor US Virgin Islands 2007 - present.

Vincent Frazer, DEMOCRAT; DOJ: Atty. General US Virgin Islands 2007 - present.

29th Legislature of the US Virgin Islands:
http://www.legvi.org/index.php?option=co....

It should be noted that there is a hot-potato political/racial embedded in this corruption scandal: Obama, Holder, and most of the Legislature of the US Virgin Islands and are Democrats and non-whites.

'Bribed or otherwise compromised': this probably means that blackmail ( no pun intended ), exchanges of sexual favors, and/or other types of quid-pro-quo are also a part of this sordid story....

Quote:
The bribed officials, an attorney with knowledge of the investigation told TheDC, remain on the taxpayers’ payroll at the Justice Department without any accountability. The DOJ source said Holder does not want to admit public officials accepted bribes while under his leadership.


Pardon Me; but, this is a serious National Security Issue.

When the Highest Offices of the US Government are compromised, and the primary concern of the Officials in charge is to cover up in lieu of protecting the integrity of the Departments; the legitimacy of the function of these Departments is entirely open to question.

Note that this scandal reaches into the highest offices of ALL three of the Branches of Government: The Executive ( Obama is NOT ignorant of these issues within Holder's DOJ and a sitting Governor is acting while indictments are being suppressed by DOJ ), Justice ( Holder is compromised and/or corrupt ); and the Legislature...



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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
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