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| The Farce That Is Our SEC -- And Government in forum [Market-Ticker]
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Etz
Posts: 13890
Incept: 2007-06-26
LA
Online
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Ever read the SEC mission statement?
It reads like an excerpt from Orwell's 1984.
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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.
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Jubber
Posts: 14164
Incept: 2007-07-05
UK
Online
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Excellent critique
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“The problem with socialism is that, sooner or later, you run out of other people’s money.” Thatcher
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Richardebel
Posts: 96
Incept: 2010-11-15
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Eric Holder and the whole Obama administration are one big fraud. What else would you expect them to do?
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Dashingdwl
Posts: 9764
Incept: 2007-06-26
los angeles
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The SEC is just another apparatus of a tyrannical government. Our soft tyranny is creeping incrementally closer to hard tyranny.
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When you are hard and disciplined, you can be principled. People fear you because they have no leverage against you. It's the truest form of Liberty.
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Rickcaird
Posts: 78
Incept: 2009-08-17
Boynton Beach, Fl
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This just seems like some kind of "Hail Mary". It is hard to see how this suit is anything but retaliation for the credit downgrade. It might be a stretch to say that S&P is one of the least guilty parties in the whole MBS fraud, but their guilt does pale in face of the issuers of the mortgages and the securities. It is also noteworthy the DOJ is filing a civil suit rather than a criminal suit. Are we to assume, then, the DOJ was unable to find any criminals in the whole mess. If that is the case they were not looking very hard.
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Deckchairs
Posts: 96
Incept: 2012-07-06
The Slightly lessDemocrat -IC People's Rebuplic of Las
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Well the porn surfers have been a joke for a long time. Remember this little story about them destroying files they are supposed to keep under law so they can I don't know, do their jobs. http://www.rollingstone.com/politics/new....Why are so many government workers such absolute worthless parasites? I realize there are decent hardworking honest people too but they seem to be few and far between. I harassed the pool so much that they finally staffed there phone and put up a sign. I guess its up to us citizens to keep em honest by calling em out. Well those of us who know how to.
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If I could just get my tax attorney to be my girlfriend life would be all right.
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Deckchairs
Posts: 96
Incept: 2012-07-06
The Slightly lessDemocrat -IC People's Rebuplic of Las
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Quote:Ever read the SEC mission statement? No but I know that in SEC speak a "solicitation of an offer" is an offer to sell securities. Wrap your head around that one. Breaks hundreds of years of contract law.
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If I could just get my tax attorney to be my girlfriend life would be all right.
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Kylafoon
Posts: 2459
Incept: 2009-02-05
Zombie Portal Lookout
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We be needin' a Godsmack...
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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
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Usk
Posts: 464
Incept: 2008-04-18
France
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This certainly sounds like yet more evidence of an organization that knowingly and repeatedly pursued illegal strategies to make money
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Financial
Posts: 82
Incept: 2010-12-08
Iowa
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Thanks Karl, right on the money. It was like printing free money when they produced all these AAA rated CDOs etc that they were able to buy back and then add to their capital base rather than having it be viewed as an investment with a component of risk. And they could also unload them to the Fed as reserves and pay a paltry interest rate to them while pocketing the rest.
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Bertdilbert
Posts: 2662
Incept: 2008-12-22
CA
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Yeah I did not understand the DOJ claim that S&P cost Federally Insured banks money, when the banks put the crap together in the first place.
Since the banks held the loans, they would have been sitting on the losses without a rating.
This is kind of like the cops shooting two women in a blue truck, when they are looking for a black man in a grey truck, except there is no fear stricken cop with a shaky hand behind the gun. They just can't shoot strait from any position.
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Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
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Mcmwest
Posts: 134
Incept: 2009-04-06
Western Kansas
Banned
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Karl- You excell at boiling things down to their essence so that the common guy may understand. In this case I can't do anything but laugh out loud. You just can't make this stuff up. Its like the South Park episode with Martha Stewart.
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According to NBER the recession ended in June 2009 so if you're broke and out of a job its all in your head.- Jay Leno
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Phev
Posts: 440
Incept: 2009-05-17
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The best farce is our in my opinion Karl http://www.lemonde.fr/societe/article/20....French justice decided that bank Dexia will have to put legal interest rate (0.71%) instead of contractual rate on loans issued to local entities... The reason... the bank forgot to inform the costumer about the "TEG" - (All in effective rate)... How can you calculate a all in effective rate (file fees + insurance + loan rate...) on a variable interest rate ? It's a farce... But they are innocent in the fact that they sold toxic crap ! Unbelievable... Reason: typo
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Etz
Posts: 13890
Incept: 2007-06-26
LA
Online
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Obozo's corruption has no boundaries. Quote:Obama gift-wraps the SEC
http://www.salon.com/2013/02/11/obama_gi....
From 2001 through 2010, more than 400 SEC alumni filed almost 2,000 disclosure forms saying they planned to represent an employer or client before the agency. Those disclosures are just the tip of the iceberg, because former SEC employees are required to file them only during the first two years after they leave the agency…
The SEC has exempted certain senior employees from a “cooling off period” that would have restricted their ability to leave the SEC and then represent clients before the agency. In addition, the SEC has shielded some former employees from public scrutiny by blacking out their names in documents they must file when they go through the revolving door.
Obama’s nominee, Mary Jo White. She is like many of the figures exposed in the POGO report, having ten years ago traded in a prosecutorial career for the big money that comes with defending corporations and Wall Street CEOs. During the private practice part of her career, one of White’s most high profile cases was a textbook example of regulatory capture. In that episode, which was later investigated by a Senate Committee, she used her government contacts to help get an SEC investigator fired for having the gall to merely try to interview her client, Morgan Stanley CEO John Mack.
As evidenced by that scandal and her larger record, it is clear that White is not any old partially compromised corporate crony. She is instead the embodiment of regulatory capture. Worse, she isn’t heading any old agency. She is being appointed to head an agency whose single biggest affliction is its status as a victim of regulatory capture — an agency governed by laws that in many instances would let White circumvent even the most minimal recusal requirements.
On top of that, White is hardly some apolitical administrator who has refused to take ideological policy positions. On the contrary, as the Wall Street Journal reports, she “has argued against pursuing corporations in criminal courts and pushed, on behalf of corporate clients, for rules that could discourage corporate whistleblowers from coming forward.” That is, she has advocated for precisely the kind of governmental posture that regulatory capture tends to create.
In light of this extensive record and in light of President Obama’s financial ties to Wall Street, White looks less like a nominee selected in spite of her Wall Street ties than a nominee selected because of those connections. Similarly, in light of the SEC being so defined by regulatory capture, White looks less like a chairwoman selected to fight that problem than one selected to foster it — and that’s a huge problem not just for investors, but for America’s financialized economy as a whole.
POGO Report: http://pogoarchives.org/ebooks/20130211-....
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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.
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