Is Influence Peddling Still Illegal? (Countrywide)
The Market Ticker ® - Commentary on The Capital Markets
Posted 2012-07-05 09:39
by Karl Denninger
in Corruption
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Is Influence Peddling Still Illegal? (Countrywide)
 

No, really?

The former Countrywide  Financial Corp., whose subprime loans helped start the nation's foreclosure  crisis, made hundreds of discount loans to buy influence with members of  Congress, congressional staff, top government officials and executives of  troubled mortgage giant Fannie Mae, according to a House report.

Isn't that pretty-much bribery?

The Justice Department has not prosecuted any Countrywide official, but the  House committee's report said documents and testimony show that Mozilo and  company lobbyists "may have skirted the federal bribery statute by keeping  conversations about discounts and other forms of preferential treatment  internal. Rather than making quid pro quo arrangements with lawmakers and staff,  Countrywide used the VIP loan program to cast a wide net of influence."

Skirted eh?  So all I have to do is make sure that there's no record of anything I might want in return for such a thing, or simply shower Congressional offices with various "intangible" gifts, and if it happens to lead to benefit, well, that's ok?

Yeah, right.  It may be "legal" but that doesn't make it right!

I have written much about Countrywide and the bankster actions in general during the 2000s.  There were so many clear abuses that several States attempted to stop them with lawsuits and other enforcement action.  The Bush Administration sued to block these enforcement actions, arguing that as banks and other firms doing business across state lines the businesses in question were subject to exclusive Federal Jurisdiction and could not be sued by The States.

In other words, at the explicit direction of the Bush White House, you got screwed.

And then under Obama you got more screwed as his White House has refused to bring charges and prosecute either.

What's even worse is that even Gary Johnson, allegedly a Libertarian, has said "Nobody committed any crimes" and he has refused to demand that those responsible for these abusive practices face the music!

We have a Parliament of *****s with all of your choices for November being in fact Robbers in Chief, both real and prospective, and you, the common man, have been and will be in the future serially abused as a consequence -- right up until you demand better politicians.

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User Info Is Influence Peddling Still Illegal? (Countrywide) in forum [Market-Ticker]
Winstonsmith2009
Posts: 1061
Incept: 2009-08-05

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"We have a Parliament of *****s with all of your choices for November being in fact Robbers in Chief, both real and prospective, and you, the common man, have been and will be in the future serially abused as a consequence -- right up until you demand better politicians."

And it has been that way for how many years/decades? Pols know they can get the clueless voters to elect and reelect them every time if they just spend enough money on marketing experts and ads, but their _true owners_, the ones who provide them with that money, demand _real_ results, like keeping them out of prison for instance.
Jduwaldt
Posts: 505
Incept: 2010-06-10

Orange County, CA
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So, if charges are brought it stops the Statute of Limitations clock (so nothing before mid 2007 counts) AND lets O say, "vote for me so I can finish the job!" ala Bush the wartime CIC or Clinton and the "badly flawed" welfare reform. And of course after the election charges are watered down or simplydropped, regardless if the winner is Romney or Obama.

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It's not an issue of "cooperation" vs "go it alone": it's a question of involuntary vs voluntary relationships.

Reason: Clarified language
Preidt2
Posts: 552
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Is there a country I can go to get away from the beast,the father of LIES ?

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Puppets Under Destruction
Musicandnature
Posts: 2006
Incept: 2007-12-05
Gold
NJ
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not on Earth Preidt2.
Not sure if you are making a Bibilical reference to Satan, as The Lord called him the father of lies.
There is "a better country" believers are hoping for, as this sin-tainted planet vexes the souls of the righteous. I think the book of Hebrews has this passage, maybe in Chapter 11.

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Since it costs a lot to win, and even more to lose, You and me bound to spend some time wonder'n what to choose. Goes to show, you don't ever know, watch each card you play and play it slow...Wait until that deal come round, don't you let that deal go down, no no. Garcia/Hunter.
Nevertoolate
Posts: 1222
Incept: 2007-08-26
Gold A True American Patriot!
San Antonio de Bexar de runover with illegals, Texas
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We only can hope that Bondzilla wakes up and puts us out of our misery. Complete and total collapse appears to be the only thing that will change things.

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"Socialist never mind stealing, as long as they are the ones doing the stealing. They never mind lying, as long as they are doing the lying."-Mannfm11

Before you attempt to beat the odds, be sure that you can survive the odds beating you.
Poodlelover
Posts: 153
Incept: 2012-02-02

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"may have skirted the federal bribery statute by keeping conversations about discounts and other forms of preferential treatment internal. Rather than making quid pro quo arrangements with lawmakers and staff, Countrywide used the VIP loan program to cast a wide net of influence."

Absolutely shameful. My company's corporate policy is that I cannot even accept so much as a $10 gift certificate from a vendor, because they know it corrupts the decision making process, but these people can legally take this approach? Despite the psychology behind receiving a gift and feeling some sense of duty to the giver? It's pathetic.
Winstonsmith2009
Posts: 1061
Incept: 2009-08-05

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If you haven't read this book already, I suggest everyone here do so:

http://www.amazon.com/Manufacturing-Cons....

If you don't want to read the book, watch the DVD:

http://www.amazon.com/Manufacturing-Cons....

Contemporary (1989) video of Chomsky speeches on the book's theme:

Noam Chomsky - The Political Economy of the Mass Media - Part 1 HD

http://www.youtube.com/watch?v=-5E6lez9Q....

Noam Chomsky - The Political Economy of the Mass Media - Part 2 HD

http://www.youtube.com/watch?v=5oOjwjgV4....

It's all about the _science_ of manipulating large groups of people and it'll give you an idea why propaganda is just as powerful as it is here even in countries with apparently far more successful educational systems than ours:

http://www.nationmaster.com/graph/edu_sc....

http://www.nationmaster.com/graph/edu_ma....

http://www.nationmaster.com/graph/edu_re....

For instance, the UK beats us soundly in every educational category linked to above, but is there a revolution there demanding that their even more corrupt than ours financial sector be brought to proper account? Hell no.

Although these days anyone to the left of Benito Mussolini would be called a leftist, Chomsky is a leftist, but just as truth and revelations of a kind that won't come from our lamestream media can come from Russia Times, Noam provides some excellent insights, too.

Most people can be convinced that they're not being robbed short of something as obvious as someone taking their wallet or their home at gunpoint. The often complex and fairly sophisticated ways in which citizens are being robbed blind by GOs and NGOs are easily hidden from an inattentive, "properly" propagandized public. And that is why the pols KNOW they can just let the perps walk.

The combined forces of those who currently benefit from a MULTI-TRILLION dollar gravy train, the great power of propaganda even on educated and attentive people let alone on the vast majority of ignorant and apathetic ones, and a government whose members depend upon both the beneficiaries of that massive and long-standing fraud and its system of propaganda for their election and reelection leads me to believe that the chance of any significant change within a massively corrupt system which has powerfully evolved over time to specifically to PREVENT any significant change is exactly ZERO, NADA, ZIP. It will take a HUGE economic crash just as it did during the Great Depression and the "leadership" which will come from that may very well not be of the right kind.
Debtpie
Posts: 534
Incept: 2009-12-17

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About your "hours worked" in the previous topic...my experience with this is local...but around here businesses are hiring...but they are keeping all those hires hours down in order to avoid paying the benefits.

so we have people working...but no health insurance, no vacation, no 401k, no sick days, NOTHING but a meager hourly pay.

I should add that many of the hires are coming from temp agencies...business is good there...the cycle is > hire a temp worker > if they're good, hire them on as a temp employee.

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A Leader, or an Opportunist? "A leader has the capacity of vision, the ability to see where things are headed before people in general see those things." Mitt Romney --- DebtPie's definition: a leader decides where "things" should head and "leads" us there.

Curbyourrisk
Posts: 3605
Incept: 2008-08-19

Farmingdale, NY
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@Music -
Quote:
I think the book of Hebrews has this passage, maybe in Chapter 11.



Irony???

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Time is up.

I hate to burst your bubble, but there is no Santa Claus, the tooth fairy does not exist and American justice does not involve the courts.
Winstonsmith2009
Posts: 1061
Incept: 2009-08-05

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"About your "hours worked" in the previous topic...my experience with this is local...but around here businesses are hiring...but they are keeping all those hires hours down in order to avoid paying the benefits.

so we have people working...but no health insurance, no vacation, no 401k, no sick days, NOTHING but a meager hourly pay.

I should add that many of the hires are coming from temp agencies...business is good there...the cycle is > hire a temp worker > if they're good, hire them on as a temp employee."

Dear Person Seeking a Job: Why I Can't Hire You (July 3, 2012)

http://www.oftwominds.com/blogjuly12/why....
Winstonsmith2009
Posts: 1061
Incept: 2009-08-05

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"ROTTEN to its CORE"

http://www.youtube.com/watch?v=0oV2mI0IY....

VIDEO: "Viewpoint" host Eliot Spitzer, Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets, analyze the Libor interest rate--rigging scandal engulfing the banking industry.

Barclays CEO Bob Diamond recently resigned after the bank was fined $453 million for its part in the scandal, which involved manipulating the London Interbank Offered Rate (Libor), a key global benchmark for interest rates, by essentially "faking their credit scores," according to Taibbi. And as Taibbi explains, Barclays couldn't have acted alone.

"It can't just be Barclays and the Royal Bank of Scotland. In fact, it can't even be four banks or even five banks," he says. "Really, in the end it's probably going to come out that it's going to be all of them ... involved in this. And that's what's critical for people to understand: that this is a cartel-style corruption."

Kelleher argues that the Libor scandal is proof that the financial industry "is corrupt and rotten to its core." "The same executives [using] the same business model that crashed the entire financial system in '08 are still running these banks," he says.

'The mob learned from Wall Street': Eliot Spitzer on the 'cartel-style corruption' behind Libor scam
July 3, 2012
http://current.com/shows/viewpoint/video....

The Biggest Financial Scam In World History
http://www.infowars.com/the-biggest-fina....

Barclays Brawl: 'Elite manipulated market, UK laws only give slap on wrist'
http://www.youtube.com/watch?v=mSWUowKuS....

Keiser Technique for financial criminals
http://www.youtube.com/watch?v=tcbtHeQSr....

And since I'm out of free posts for today, I'm adding this link to describe the FARCE that is our justice system:

http://current.com/shows/viewpoint/video....

So, here's the score - Financial system - CRIMINAL FARCE; Justice system - FARCE; Representative Democracy - FARCE.

And here's what you can print out and put on your car window in November:

http://i142.photobucket.com/albums/r100/....

and a few more:

http://i142.photobucket.com/albums/r100/....

http://i142.photobucket.com/albums/r100/....

Reason: Added Greenwald link
Debtpie
Posts: 534
Incept: 2009-12-17

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Winstonsmith2009 says: Dear Person Seeking a Job: Why I Can't Hire You (July 3, 2012)

http://www.oftwominds.com/blogjuly12/why....

~~~~~~~~~~~~

They left something out!

Dear Worker,

I can't hire you because the CEO Salary is $XX,000,000 per year and we'd have to cut that if we brought on more people. So it's more profitable for entire the upper management if we keep a part-time skeleton crew here in the USA, strip them of benefits, shift the cost of the health care onto the government, and outsource to slave labor nations as much of our business as possible.

There you go...now the reason are complete.

The last time I worked for someone (I went the self employed route ~15 years ago because of this) I was told I couldn't have a raise because times were tough.

As I walked to my car at lunch, I walked by the owners spanking new BMW 740i that he parks every night in his 4 car garage McMansion. His wife occasionally popped in to the office driving her $100K Jaguar...and I can't have a raise?...actually no one got a raise because of the "bad economy"...BS.


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A Leader, or an Opportunist? "A leader has the capacity of vision, the ability to see where things are headed before people in general see those things." Mitt Romney --- DebtPie's definition: a leader decides where "things" should head and "leads" us there.
Mannfm11
Posts: 3620
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DFW, Tx
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I recall meeting a guy back in the 80's who came down here from Boston to build some apartments in a small town east of here. The local officials gave him hell about everything. I got into a long discussion with the guy and brought up getting loans to build projects. He told me he had built many a banker a swimming pool as a fee for a loan. Looks like the bankers took a tip and started building swimming pools for Congressmen.

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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
Jstanley01
Posts: 8282
Incept: 2008-07-30
Gold A True American Patriot!
San Antonio, Texas
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Quote:
"...Countrywide used the VIP loan program to cast a wide net of influence."
So does that mean I can sell a CONgressperson a diamond, that everyone knows is worth $50,000, for five bucks and it's legal? I don't think so.

Just because the bribery was transacted with winks and nods and nothing on paper, that DOES NOT mean criminal charges cannot be brought against all the parties involved. Or I should say, it wouldn't if there were a competent and honest prosecutor left in this country.

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You can't cheat an honest man. ~P.T. Barnum

Sunkeye
Posts: 195
Incept: 2010-12-14
Green
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love the pj o'rourke reference
any time m-t.org and national lampoon magazine cross connect
an old burnout's day shines a little sunnier
so t/y very much
Grashopa
Posts: 2699
Incept: 2009-02-03
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Quote:

I can't hire you because the CEO Salary is $XX,000,000 per year and we'd have to cut that if we brought on more people.


Cut the average million+ CEOs pay to 0 and everyone gets a $500 a year raise. That is nothing compared to the cost per employee that is taken up by government taxes, health care, inflation, corruption etc. Did you stop to think about the fact that you pay 35% in taxes + 15% in SS + state and local. Hell how much money do CEOs make compared to the 3.6 trillion the government spends each year which is taken from the people? What the **** does CEO pay have to do with anything?

EDIT - oops its worse than that, cut CEO pay to 0 and everyone gets an extra $20 based on the S&P500.

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Theft is evil

Jstanley01
Posts: 8282
Incept: 2008-07-30
Gold A True American Patriot!
San Antonio, Texas
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You're right, Grashopa. Painting all CEOs with the same brush is a favorite tactic of the Left.

But what the Right refuse to recognize is the ongoing skimming operation by the banksters. According to the PBS series on Wall Street the TBTFs have paid $80 billion in bonuses since their bailouts in 2008.

http://www.pbs.org/wgbh/pages/frontline/....

Meanwhile notice when the last ramp in "financial services" share of GDP occurred...

inline
http://en.wikipedia.org/wiki/Financializ....

Quote:
Market Watch
December 08, 2009 - Simon Kennedy

LONDON (MarketWatch) -- Paul Volcker, chairman of the President's Economic Recovery Advisory Board, said Tuesday that he hadn't seen "a shred of evidence" that recent innovation in financial markets had provided any benefit to the economy. Speaking at The Wall Street Journal's Future of Finance Initiative, the former chairman of the U.S. Federal Reserve said credit default swaps and collateralized debt obligations "took us right to the brink of disaster." Volcker said suggestions for reform, such as strengthening boards, didn't go far enough and that the chances of a board member understanding complex financial products was virtually nil. Dismissing recent innovation in derivatives, Volcker said, "The most important financial innovation I've seen in the last 25 years is the automatic teller machine."

http://articles.marketwatch.com/2009-12-....
Any benefit? They are a DETRACTION.

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You can't cheat an honest man. ~P.T. Barnum
Sybdragon
Posts: 369
Incept: 2008-10-02

kentucky
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Hey Debtpie smiley You hit a home run there....

Hubby's old job/boss/small business under 50 workers, industrial painting... Boss is a big liar. I always thought he was a snot, but that is just me. smiley Would promise so much in bonus money if you got the job done on time and he made money on it. Lies, lies, lies. We would get, if lucky, half of what was promised. And before anyone says, he didn't have to give bonuses, I say... HE SHOULD HAVE KEPT HIS DAMN LYING MOUTH SHUT THEN.

Anyway, he had a meeting with the guys. Told all the guys that the business wasn't doing so well but he had $10,000 to keep it going. Crock of **** that was, this is a multi-million dollar company. And he said that he wasn't going down with the ship, even though all the guys working for him for years, my hubby worked for the man over 15 years, was the one that went over and above for this company. I told him about my opinion but I wasn't listened to, of course.

He told them he had made enough money to invest and wasn't worried about money so didn't need the company or it's headaches. He didn't know what the guys were going to do but he had his money. This is the guy with the 'spinner' wheels on his huge, brand new truck he bought himself yearly.

He didn't care about his workers at all. Even the ones that had been there for years. Didn't offer to let the guys buy him out or nothing. Just closing up. I thought the guy was a crud anyway. He thought he was better than his workers and it showed. I have a problem with that as I don't do authority very well or snots.

He is still in business. Being the big man about town, has his name on a huge billboard at WKU as he gives them tons of money trying to be a hotshot about town. I'm not sure why he decided to stay open unless it's an image thingie. He is big on how he looks to others. Looks nasty to me.

Hubby tried not to burn that bridge but it got burnt to a crisp. The man was unreasonable and threatened my hubby. Hubby didn't take that well needless to say. He had no cause to threaten my hubby, just being an ass. Long story but we were in the right and he was wrong. Legally wrong too as his lawyer told him. Leave us alone he was told. smiley

Personally, I don't care if the dude has 'spinners' or a new truck yearly. I am very happy with my old POS's. My most expensive car tag is around $50, the rest are under $35. Got 4 vehicles I tag. I don't want to clean a huge house, much less heat or a/c one. I think it's sad when you have all the money you could want to do what you want and then you try to rip off someone that doesn't have much money. How lowlife just like the bankers. smiley
Bsfootprint
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Starting to sound like the class warfare's starting to pay off. I think we're gonna hit that tipping point sooner, rather than later. I wonder what will push people over the top?


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Non compos mentis
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