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(Huffington Post)   Wall St. watchdog unable to prosecute offenders due to House Republicans refusing to grant funding requests. So, basically, everything is working as planned   (huffingtonpost.com) divider line 88
    More: Sad, House Republicans, Wall St, Gary Gensler, Libor, Commodity Futures Trading Commission, subprime meltdown  
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1989 clicks; posted to Politics » on 01 Nov 2013 at 5:27 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-11-01 03:05:48 PM  
today's GOP: evil, or pure evil?
 
2013-11-01 03:12:41 PM  

FlashHarry: today's GOP: evil, or pure evil?


they're bought and paid for, so if you believe in Supply Side Jesus then...well, everything is working as planned.
 
2013-11-01 05:22:20 PM  
And all these wankers still vote for these shiatholes, and justify the results, and blame the blah guy, usa usa usa
 
2013-11-01 05:28:29 PM  
Let's be honest, people, the government regulation would be strangling these poor Wall St companies if it weren't for the work of the small business true GOP heroes.
 
2013-11-01 05:28:59 PM  
But it's probably Obama's fault.
 
2013-11-01 05:37:04 PM  
GOP: Tough on Crime*

*when it's done by....those people.
 
2013-11-01 05:37:47 PM  
All Republican politicians, and those who continue to vote for them, are scum in human form.
 
2013-11-01 05:40:22 PM  
Mission Accomplished.
 
2013-11-01 05:44:22 PM  
This is something i'd expect a horribly corrupt african government to do, like mine.
 
2013-11-01 05:45:47 PM  

Gyrfalcon: But it's probably Obama's fault.


Seems likely.
 
2013-11-01 05:46:36 PM  
The GOP has gotten so bad I no longer give a shiat that they were elected, I just want them gone.
 
2013-11-01 05:52:11 PM  
Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!
 
2013-11-01 05:53:42 PM  

Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!


Yeah because the SEC has done such a bang up job in cleaning up Wall Street.
 
2013-11-01 06:03:37 PM  
Moar!      MOAR!       MOAR!       MOAR!

The answer is ALWAYS more.
 
2013-11-01 06:07:12 PM  
Any independents around to explain how this means both sides are equally bought by wall street?
 
2013-11-01 06:08:16 PM  

pueblonative: Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!

Yeah because the SEC has done such a bang up job in cleaning up Wall Street.


The bigger outrage is that the IRS, FBI, OTS, DOJ haven't pursued a case. Why should these guys only go to court once or twice? Why won't the republicans fund all these things more! OUTRAGE!
 
2013-11-01 06:18:08 PM  

Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.


I agree, but I think you are thinking of a different agency, and the changes that affected the CFTC had nothing to do with this.

Plus the government would actually makemake money by charging them, assuming it won.
 
2013-11-01 06:18:48 PM  

Debeo Summa Credo: pueblonative: Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!

Yeah because the SEC has done such a bang up job in cleaning up Wall Street.

The bigger outrage is that the IRS, FBI, OTS, DOJ haven't pursued a case. Why should these guys only go to court once or twice? Why won't the republicans fund all these things more! OUTRAGE!


Wall Street's still not going to sleep with you.
 
2013-11-01 06:28:53 PM  
Its only a matter of time before the unaccountable jokers steer us over another financial cliff.
 
2013-11-01 06:41:46 PM  

Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!


That's what you took from the article?

/not sure if trolling or stupid
 
2013-11-01 06:43:37 PM  
elchip: All Republican politicians, and those who continue to vote for them, are scum in human form.

Hey!  You stop insulting decent, hard-working scum like that!
 
2013-11-01 06:43:50 PM  

Smoking GNU: This is something i'd expect a horribly corrupt african government to do, like mine.


For the last time: the president is not Kenyan.
 
2013-11-01 06:44:05 PM  

geek_mars: Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!

That's what you took from the article?

/not sure if trolling or stupid


With Derpa Summa Crapo, the answer is always c, why not both.
 
2013-11-01 06:44:13 PM  

Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!


Following your logic, if someone breaks into your house, steals your TV and family valuables- you'd rather make burglary legal than to pay taxes to pay for policemen.
 
2013-11-01 06:51:54 PM  

Nicholas D. Wolfwood: elchip: All Republican politicians, and those who continue to vote for them, are scum in human form.

Hey!  You stop insulting decent, hard-working scum like that!


I only consider you scum compared to krusty.
 
2013-11-01 06:53:05 PM  

Darth_Lukecash: Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!

Following your logic, if someone breaks into your house, steals your TV and family valuables- you'd rather make burglary legal than to pay taxes to pay for policemen.


Following his logic, I'd say if someone was tried for breaking into your home and stealing your stuff once, in the eyes of the law that should be sufficient.   I not following your logic where you think not retrying in court is the same as promoting legalization.   I think his logic is based on some constitutional law protecting you from being tried for the same crime over and over.  Nothing to stop another investigation and trial if new evidence appears and a trial is warranted, however.
 
2013-11-01 06:57:03 PM  
Get funding cut by 3% due to sequestration?


Use cop math and claim republicans cut 90 brazillion dollars from your budget set little girls on fire and used kittens as traction sand when you got stuck in the mud.
 
2013-11-01 07:08:28 PM  
Note: "plan" means "keikaku."
 
2013-11-01 07:22:41 PM  

clowncar on fire: Darth_Lukecash: Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!

Following your logic, if someone breaks into your house, steals your TV and family valuables- you'd rather make burglary legal than to pay taxes to pay for policemen.

Following his logic, I'd say if someone was tried for breaking into your home and stealing your stuff once, in the eyes of the law that should be sufficient.   I not following your logic where you think not retrying in court is the same as promoting legalization.   I think his logic is based on some constitutional law protecting you from being tried for the same crime over and over.  Nothing to stop another investigation and trial if new evidence appears and a trial is warranted, however.


It could be for a different set of rules you break for the same crime. For example- if a drg smuggler gets caught with heroin and a large amount of money... And book keeping detailing each transaction. He's gonna get busted for the crime by the Feds and by the IRS for tax evasion.
 
2013-11-01 07:24:42 PM  

Giltric: Get funding cut by 3% due to sequestration?


Use cop math and claim republicans cut 90 brazillion dollars from your budget set little girls on fire and used kittens as traction sand when you got stuck in the mud.


The sequestration is only partially to blame in this case.  This agency has been requesting more money so they can properly investigate all the shenanigans for a decade, and have been repeatedly turned down by House GOP.  Right now, the profits being made off any of Wall Street's hijinx are simply written off as a "cost of doing business" by these investment firms.  They get to roll around in ill-gotten proceeds and the little people get screwed yet again.  Or maybe you feel another multi-trillion dollar bailout for when these firms screw up the global economy again is a worthwhile expenditure?
 
2013-11-01 07:32:03 PM  

FlashHarry: today's GOP: evil, or pure evil?


I'm gonna go with the old guard GOP being lawful evil while the "Tea Party" is chaotic evil.
 
2013-11-01 07:34:29 PM  

FlashHarry: today's GOP: evil, or pure evil?


Yes.
 
2013-11-01 07:40:04 PM  

Darth_Lukecash: Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!

Following your logic, if someone breaks into your house, steals your TV and family valuables- you'd rather make burglary legal than to pay taxes to pay for policemen.


I'm not sure which point you are trying to argue, I think it is the Dodd frank one.

The better analogy would be complaining about the lack of funding of a law requiring TSA to conduct minimum 5 minute interviews with each airline passenger. Sure you can biatch about funding but wouldn't it be better to get rid of the stupid law in the first place?
 
2013-11-01 07:41:26 PM  

Dog Welder: Giltric: Get funding cut by 3% due to sequestration?


Use cop math and claim republicans cut 90 brazillion dollars from your budget set little girls on fire and used kittens as traction sand when you got stuck in the mud.

The sequestration is only partially to blame in this case.  This agency has been requesting more money so they can properly investigate all the shenanigans for a decade, and have been repeatedly turned down by House GOP.  Right now, the profits being made off any of Wall Street's hijinx are simply written off as a "cost of doing business" by these investment firms.  They get to roll around in ill-gotten proceeds and the little people get screwed yet again.  Or maybe you feel another multi-trillion dollar bailout for when these firms screw up the global economy again is a worthwhile expenditure?


"Multi-trillion dollar bailout". This is what farklibs actually believe happened.
 
2013-11-01 07:45:19 PM  

Dog Welder: This agency has been requesting more money so they can properly investigate all the shenanigans for a decade, and have been repeatedly turned down by House GOP


GOP only had the house for like 3 or 4 years.

Who turned them down for the other 7 or 6 years?
 
2013-11-01 07:46:21 PM  

Debeo Summa Credo: Dog Welder: Giltric: Get funding cut by 3% due to sequestration?


Use cop math and claim republicans cut 90 brazillion dollars from your budget set little girls on fire and used kittens as traction sand when you got stuck in the mud.

The sequestration is only partially to blame in this case.  This agency has been requesting more money so they can properly investigate all the shenanigans for a decade, and have been repeatedly turned down by House GOP.  Right now, the profits being made off any of Wall Street's hijinx are simply written off as a "cost of doing business" by these investment firms.  They get to roll around in ill-gotten proceeds and the little people get screwed yet again.  Or maybe you feel another multi-trillion dollar bailout for when these firms screw up the global economy again is a worthwhile expenditure?

"Multi-trillion dollar bailout". This is what farklibs actually believe happened.


We're still "loaning" money to banks and financial institutions at less than 1% interest and then borrowing it back from them at 3% interest.  You let me know when that stops happening and I'll stop counting up the final tally.  (Also, not a lib, sorry.)
 
2013-11-01 07:47:13 PM  

ThePastafarian: FlashHarry: today's GOP: evil, or pure evil?

I'm gonna go with the old guard GOP being lawful evil while the "Tea Party" is chaotic evil.


I'd go with Neutral Evil as the old guard GOP's alignment.  After all, they did enable the tea party.
 
2013-11-01 07:48:40 PM  
After all that's happened it astounds me that there are still people who think banks should be essentially allowed to regulate themselves.
 
2013-11-01 07:49:40 PM  

Zeb Hesselgresser: Moar!      MOAR!       MOAR!       MOAR!

The answer is ALWAYS more.


your logically flawless and assiduously researched argument has helped me see the error of my ways. you're right;  all government is  all bad all the time. we should therefore live in a mad max-esque post-apocalyptic hellscape where brawn and weaponry rule the day!
 
2013-11-01 07:54:42 PM  

fusillade762: After all that's happened it astounds me that there are still people who think banks should be essentially allowed to regulate themselves.


We can trust them. There's no possible way that could go wrong, right?
 
2013-11-01 07:55:28 PM  

Debeo Summa Credo: Darth_Lukecash: Debeo Summa Credo: Oh noes, the horrible legislation we passed (Dodd Frank) requires more spending? Here's a solution: repeal the horrible legislation.

Oh, and FTA:
There are at least some mitigating circumstances when it comes to those "London Whale" cases. The two former JPMorgan Chase traders the CFTC wanted to charge, Julien Grout and Javier Martin-Artajo, have already been charged in criminal and civil court by federal prosecutors and the Securities and Exchange Commission.

So the people the CFTC wanted to charge have already been charged by the SEC. but boo hoo, can't charge them separately by a different agency because of budget cuts! Oh the humanity!!

Following your logic, if someone breaks into your house, steals your TV and family valuables- you'd rather make burglary legal than to pay taxes to pay for policemen.

I'm not sure which point you are trying to argue, I think it is the Dodd frank one.

The better analogy would be complaining about the lack of funding of a law requiring TSA to conduct minimum 5 minute interviews with each airline passenger. Sure you can biatch about funding but wouldn't it be better to get rid of the stupid law in the first place?



Let me brake it down to you in simple sentences.

1) Someone does an act that is unethical and deemed wrong by society. So society complains.
2) Government passes law to make the act illegal and define the punishment.
3) Government Agency Enforces the law.

Result: Act that is harmful to society is lessened.

Now we enter your logic.
4) A political party has decided to cut government deficit by getting rid of cost only.
5) Due to political reasons, Government Agency no longer has the finance to enforce the law.

Result: Act that is harmful to society, increases because there is no consequences.

Your solution to the problem: Get rid of law that limited the damage done by the act.

Can you guess what the results will be?
 
2013-11-01 08:06:24 PM  
They stalled them just long enough for the statute of limitations on securities fraud to kick in.

Job well done!
 
2013-11-01 08:07:20 PM  

Darth_Lukecash: Let me brake it down to you in simple sentences.


You're going to need duct tape and pliers.

Good luck.
 
2013-11-01 08:09:03 PM  
Just to clarify my understanding,  of whats going on here....


The budget 5 years ago was 111 million.
The budget now is 195 million.
They want a budget of 315 million.
It has the same staffing level as it did in 2002.

Presumably costs were lower in 2002.  Why has the cost of doing business gone up to this significant degree?  It clearly can't be personnel if the staffing level is the same as it was years ago and the budget is probably at least twice the budget of 2002.

The article points out that the size of the markets have gotten larger and whatnot, but if someone commits 30 million in fraud and 40 million in fraud, is there that much more paperwork?

I mean I think that since the agency because it brings in so much money it should basically be allowed to get it's 315 million asking price. That being said, what are we buying with the next 120 million dollars?
 
2013-11-01 08:11:44 PM  

Debeo Summa Credo: Dog Welder: Giltric: Get funding cut by 3% due to sequestration?


Use cop math and claim republicans cut 90 brazillion dollars from your budget set little girls on fire and used kittens as traction sand when you got stuck in the mud.

The sequestration is only partially to blame in this case.  This agency has been requesting more money so they can properly investigate all the shenanigans for a decade, and have been repeatedly turned down by House GOP.  Right now, the profits being made off any of Wall Street's hijinx are simply written off as a "cost of doing business" by these investment firms.  They get to roll around in ill-gotten proceeds and the little people get screwed yet again.  Or maybe you feel another multi-trillion dollar bailout for when these firms screw up the global economy again is a worthwhile expenditure?

"Multi-trillion dollar bailout". This is what farklibs actually believe happened.


Stop trying to make "farklib" happen.
"Farklib" isn't going to happen.
 
2013-11-01 08:12:13 PM  

SamFlagg: That being said, what are we buying with the next 120 million dollars?


Actual enforcement of securities laws. We've been ignoring them since... 2000. Aside from things they can't hide (Enron, WorldCom, obvious ponzis and outright thieves).

We create the laws and they refuse to fully fund them. It's like defunding Obamacare. You hate the law of the land? Kill it by starving the funding.

It's a pretty common Washington tactic.
 
2013-11-01 08:13:09 PM  

SamFlagg: but if someone commits 30 million in fraud and 40 million in fraud, is there that much more paperwork?


It depends. It has a lot to do with how they commit the fraud and over what time period.
 
2013-11-01 08:13:27 PM  
Gov't not doing it's job again, unfortunately.  We should cut its funding until it learns its lesson, or something.
 
2013-11-01 08:13:28 PM  

HeartBurnKid: ThePastafarian: FlashHarry: today's GOP: evil, or pure evil?

I'm gonna go with the old guard GOP being lawful evil while the "Tea Party" is chaotic evil.

I'd go with Neutral Evil as the old guard GOP's alignment.  After all, they did enable the tea party.


You know I think you're right.  The Baatezu and the Tanar'ri aren't exactly friendly to each other.
 
2013-11-01 08:16:12 PM  

WhyteRaven74: SamFlagg: but if someone commits 30 million in fraud and 40 million in fraud, is there that much more paperwork?

It depends. It has a lot to do with how they commit the fraud and over what time period.


I know the one thing that terrifies prosecutors is the facts of the case. They are terrified a jury will not understand the jargon, math, and other technical details. As you know, they are incredibly boring and no one wants to be on jury duty anyway.

I think that part of it has pissed me off the most. I don't consider it a waste of money to at least TRY to make the case. So many of them settle or drop the case. I gave up years ago, but it's frustrating to know that not a single person from the ratings agencies will have to face a single day in jail for assuming that home prices would only ever go up. If that's not criminal negligence, I don't know what is.
 
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