This is an interesting one to watch. It appears that they have the evidence as the allegations are footnoted to discovery documents. It would be nice if they released the discovery documents to see the full extent of what was going on here.

Karl,

Will that + this ..
http://www.zerohedge.com/news/2012-10-15....

help in screwing the banks or as usual they get off with a slap on the wrist.

Hopefully TBTF banks will get rammed further and our Economic Hitler will one day find he can't help his bankster friends...

Sherman Act violations, if proved, are treble-damage deals.

This one has the potential to be the "real deal"

Nothing will come of it. We already know how this one will play out.

And this is surprising how?

No offense to anyone on TF, and certainly none to Karl. Maybe I'm just a cynical old fart - but it is clear to me that there is a group of people who buy influence and are untouchable. The latest "**** you" guy was Corzine.

Those of us outside the group must obey the law or face the consequences. Until the guy holding the razor in the mirror every morning has had enough it will continue.

Quote:

Nothing will come of it. We already know how this one will play out.

I disagree on this one. Pretty much all of the previous lawsuits against financial firms were government-initiated. This one has a pretty diverse set of Plaintiffs who have no real incentive to take a slap-on-the-wrist settlement when they can get treble damages.

How long before this becomes political? In being released at this moment, the act becomes political, and I can certainly see Obama putting the screws to Romney over this in the next debate, and in attack ads over the next week. I suspect there may be more of these lawsuits and "gotchas" coming shortly as we head for the wire...

So what's this mean for Romnuts?

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Nothing will come of it. We already know how this one will play out.

Let's see, Romney gets elected pres and the suit gets magically dismissed?

My politics radar triggers on this. If I were team Obama I'd play this card for all it's worth:

'In my first few years it was all I could do to stabilize the economy and now that markets are back to previous levels, we've taken the steps to identify the causes and investigations are now underway to prevent....'

And when he says the word 'investigate' Obama is glaring at Romney...

Don't let the facts that Government investigations have resulted in puny fines and that this recent shot is not a government investigation rule that out from being stated/implied in the debates though.

I'm not sure what the difference between "leave to file" in June and the header which says filed on 10/14. I'm guessing that it was filed under seal in June.

If it was June, Romney has had plenty of time to prepare for the issue.

If you think about it, the financial mob has captured not just the federal government but also the Fed.

Even if by some miracle a guilty verdict was imposed, Ben will just print more money to pay their fines.

Didn't Romney leave Bain in 2003?

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I'm not sure what the difference between "leave to file" in June and the header which says filed on 10/14. I'm guessing that it was filed under seal in June.

This is a fifth amended complaint. In order to amend your complaint after an answer has been filed by the Defendant, you need to seek "leave of court" which is essentially just getting the judge's permission to amend your complaint which puts the case on hold until the amended complaint is filed. Leave of court was granted in June to file the amended complaint. It was not actually filed until October.

Can't be allowed because it would mean tanks in the streets and the end of life as we know it.

I can't help but believe this is politically motivated, due to the public union source, speaking of organized crime. But, the whole thing is organized crime, from the President on down to everything Wall Street does. I don't believe the crimes are so much on the buy side, but the sell side, with all the nonsense that goes on in accounting now days. Private equity is another game though in that it loads up the acquired business with debt.

Note that they put Bain on the top of the suit. They are a*****ant against Carlyle, KKR and some of the others. It was KKR or TPG that bought TXU. That turned out to be a bomb at the time. Had they paid more, the customers here in Texas would be paying for it somehow.

In any case, why did they sell? None of these outfits were necessarily putting their companies on the market for acquisition. Seems I recall these takeovers being made at prices higher than the companies were trading on the market. If it was a bad deal, they should have not made the deal.

Wasn't Milken sent to prison when RJR was involved in a bidding war between KKR and some other outfits? Is there any way that the same thing wouldn't happen again if there were commonly active bidding wars? Are we looking at a double bind, where you don't get involved, you are caught in Anti-trust and if you do, someone ends up going to jail?

The real investigation should be done on who was buying stock with knowledge of these deals in the first place? No one would sell their stock today if they knew one of these firms was buying tomorrow. Someone always knows and you can bet someone always buys.

As long as there is credit banking, where money arises from thin air for those with access to it, this stuff will go on. The very nature of the government/banker system is organized crime. They get the money first, which means they have the means and endowment to make the deals. Those who receive the money are then forced to bid on deals in a market with more money in it. This is the nature of asset bubbles. It is also the basis of class warfare of the super rich insiders against the rest of us.

Penguinzee wrote..

How long before this becomes political? In being released at this moment, the act becomes political, and I can certainly see Obama putting the screws to Romney over this in the next debate, and in attack ads over the next week.

What should be telling for you is the fact that Obama's Department of Media has undoubtedly had this information for quite a while, and there's **crickets**

Dozens of big, loud crickets.

But, there's GOOD NEWS, everyone!

Moderator Role Under Scrutiny — Before the Debate

Read more: http://thepage.time.com/2012/10/14/moder....

Quote:

In a rare example of political unity, both the Romney and Obama campaigns have expressed concern to the Commission on Presidential Debates about how the moderator of the Tuesday town hall has publicly described her role, TIME has learned.

While an early October memorandum of understanding between the Obama and Romney campaigns suggests CNN’s Candy Crowley would play a limited role in the Tuesday-night session, Crowley, who is not a party to that agreement, has done a series of interviews on her network in which she has suggested she will assume a broader set of responsibilities. As Crowley put it last week, “Once the table is kind of set by the town-hall questioner, there is then time for me to say, ‘Hey, wait a second, what about X, Y, Z?’”

Read more: http://thepage.time.com/2012/10/14/moder....

As I have been predicting, the Department of Media's Ms. Crowley is going to attempt to put her thumb on the scale for her boss, Mr. Obama, in an emulation of Martha "Rode Hard & Put Up Wet" Raddatz's OUTSTANDING facemasking of Paul Ryan in his debate with Bloviatin' Bicuspids Biden.

Penquin, I think, as someone else said, Romney was gone from Bain by 2003. It would bear investigation how much money these outfits game to Obama in 2008.

In the debates, I think Obama is going to have his hands full with Fast and Furious and the Embassy mess in Libya. The whole smoke screen employed by the Obamaites, knowing they neglected this matter and trying to shift the landscape so the common idiot thinks this was about a silly film, screams coverup. Look how Biden played stupid last week, which was probably in part due to trying to shift the subject. There is nothing Wall Street could have pulled (Obama had 4 years to investigate this mess and no one went to jail) that will compare to the neglect of our officials safety overseas. For one thing, I can't believe America is so stupid as to elect a Chicago politician President and if they do it again, it is a prime endorsement of organized crime at the highest levels. The paradox is electing men or women tied into the Eastern Establishment, Romney, Clinton and the Bush's who only moved to Texas to hide their connections to Eastern Yankeeism.

Bag, at this point I'd LOVE to see tanks in the streets - might mean the military finally took their oath to protect and defend the Constitution seriously.

Uppity Peasant,

This strikes me as being "October Surprise" kind of material, so having not heard about it until now doesn't surprise me at all...

Mannfm11,

Even though Romney had left Bain by 2003, he still owns (and continues to own) a very large chunk of stock in Bain that he gets profits from. Also, seeing as how the plan was probably hatched before 2003 (these kind of things take more than a simple conference call) I'd be surprised if Romney wasn't in on the initial discusions.

As far as Bain being listed first, I believe Bain would be first in an alphabetical order of defendents, someone please correct me on that, as I haven't had time to look over the Scrib'd document...

This is a good start, and bears watching. As far as I know, these guys (including Bain) have also been the target of suits under the Fraudulent Transfer statutes of bankruptcy law. The scam is, get the company to borrow a ****load of money and immediately pay out this money to themselves as a "dividend". Managers go along with it because they receive a kickback called a "bonus". Then who cares if the company goes bankrupt. It's basically stealing from unsecured creditors (eg. suppliers). But remember, Mitt & co has done nothing illegal!

Yeah, clawback laws are supposed to prevent this abuse, but the period is typically too short unless you can tag someone with intentional conduct (in which case the general laws on fraud apply.)

The record on being able to nail people for that isn't particularly good (for those trying to do so.)

If they are publicly traded companies then there is always a competing bid called the market place.