Do you have adblock enabled?
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(The New York Times)   "Why only one banker went to jail over the financial crisis" Because we're run by the banking industry?   (nytimes.com ) divider line
    More: Interesting  
•       •       •

4898 clicks; posted to Main » on 01 May 2014 at 9:48 AM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



123 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2014-05-01 09:50:47 AM  
Thread's pretty much over already. Subby, get the lights.
 
2014-05-01 09:50:52 AM  
Too big to jail?
 
2014-05-01 09:51:05 AM  
Because he's the only one who landed on the go to jail square?
 
2014-05-01 09:51:45 AM  
They should have at least placed a few of them on yacht arrest.
 
2014-05-01 09:52:28 AM  
And people hate the cops.....
 
2014-05-01 09:52:51 AM  
Because the private sector pays its lawyers better.
 
2014-05-01 09:54:46 AM  
Appears most of them are dying anyways.
 
2014-05-01 09:57:29 AM  
Because of the golden rule. He who has the gold, makes the rules.
 
2014-05-01 09:58:36 AM  
Screw ALL of those greedy b*stards.  They should all be in jail.  But money talks, BS walks.  It's the American way.
 
2014-05-01 10:00:12 AM  
Because holding them responsible for their crimes would be socialism. You don't hate America, do you?
 
2014-05-01 10:01:20 AM  
Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.
 
2014-05-01 10:01:54 AM  
'cause 'murica and capitalism?
 
2014-05-01 10:04:40 AM  

Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.


And where's the congressmember to introduce such a measure? Anybody? Surely there is one with the courage to bring this up.
 
2014-05-01 10:05:25 AM  

Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors

TAXPAYERS. Those laws are almost as old as the Constitution itself.
 
2014-05-01 10:06:13 AM  
Because the DoJ's run by pussies who couldn't give two farks about justice.
 
2014-05-01 10:08:07 AM  
www.bonappetit.com

because they gave the subpoenas to this guy?
 
2014-05-01 10:08:14 AM  

imfallen_angel: 'cause 'murica and capitalism?


cdn.motinetwork.net
 
2014-05-01 10:08:56 AM  
Over in zero. But the time of the collapse, Corporate America had already bought the US Government.
 
2014-05-01 10:09:40 AM  
I was wondering why all the rich bashing articles were going green today then I remembered it's pay day for a lot of people
 
2014-05-01 10:10:25 AM  
The obvious answer is that he's the only guy who broke the law. All of the rest of them were playing by the rules, and this asshole came along and farked it up for everyone. Thanks a lot, jerkface.
 
2014-05-01 10:10:47 AM  

Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.


Wake up. You're dreaming. Time to go to work.
 
2014-05-01 10:13:27 AM  

socoloco: Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.

Wake up. You're dreaming. Time to go to work.


Can't sleep anyway, I have a Mathematics midterm tomorrow.
 
2014-05-01 10:18:50 AM  

In the case of HSBC, caught red-handed laundering money for terrorists and drug cartels the "Justice" Department actually said they were too big to jail:

"Had the U.S. authorities decided to press criminal charges," said Assistant Attorney General Lanny Breuer at a press conference to announce the settlement, "HSBC would almost certainly have lost its banking license in the U.S., the future of the institution would have been under threat and the entire banking system would have been destabilized."
 
2014-05-01 10:21:32 AM  
Pay no attention. Some d-bag NBA owner is a racist. That's all you need to be concerned with.
 
2014-05-01 10:23:06 AM  

Gulper Eel: And where's the congressmember to introduce such a measure?


Just look for one with a (D) after his/her name.
 
2014-05-01 10:25:17 AM  

Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.


Real answer? Because all that poses no credible threat to the life, liberty and wealth of individual bankers. It is only the credible threat to spending the next several decades getting cornholed by Bubba in cell block D, along with impoverishing your children, seeing you hottie wife divorce you for some other banker, and people making Bernie Maddoff jokes about you that will change behaviors.

And of course, this guy made the unfortunate choice of being born brown...throw him under the bus!
 
2014-05-01 10:25:35 AM  
Noooooo! That's not whyyyyyyyy. Bankers are good guys. Without bankers, we would not have banks, now would we?
 
2014-05-01 10:25:39 AM  
...because being a greedy dick isn't illegal in this country, and the state doesn't arbitrarily jail people it doesn't like?
 
2014-05-01 10:25:52 AM  
Because crimes weren't committed, I suppose.

Don't worry, little tinfoil hatters, the govt managed to extort billions from banks in the wake of the crisis.
 
2014-05-01 10:26:19 AM  
coincidentally the only guy to go to jail is named  Kareem Serageldin
 
2014-05-01 10:28:04 AM  
www.salem-news.com


/Because FARK YOU!  That's why.

//Thread was over before it started.

///Now get off my the banks lawn.
 
2014-05-01 10:28:54 AM  
Ah, just another poignant reminder of the historical importance of one man with an axe and the will to use it.

/no gods, no kings!
 
2014-05-01 10:34:08 AM  

Cold_Sassy: money talks


That was the official court opinion in Citizens United, correct?
 
2014-05-01 10:38:01 AM  
"You may say that I've grown bitter but of this you may be sure,
the rich have got their channels in the bedrooms of the poor,
and there's a mighty judgment coming
but I may be wrong.
You see, you hear these funny voices in the tower of song."
 
2014-05-01 10:38:58 AM  

DontMakeMeComeBackThere: ...because being a greedy dick isn't illegal in this country, and the state doesn't arbitrarily jail people it doesn't like?


well, I can agree with the 1st half of that sentence.... and as the author quoted - "most of the lossess were due to recklessness not not criminality"
 
2014-05-01 10:39:19 AM  

Debeo Summa Credo: Because crimes weren't committed, I suppose.

Don't worry, little tinfoil hatters, the govt managed to extort billions from banks in the wake of the crisis.


How is the air on your planet? You certainly aren't alive and well on this one.
 
2014-05-01 10:40:16 AM  
Gulper Eel:
And where's the congressmember to introduce such a measure? Anybody? Surely there is one with the courage to bring this up.

Well, there's no way to prove if he would or wouldn't (one of the few perks of being dead) but I'd like to think Paul Wellstone would.

/not a conspiracy guy, but I still think that crash was fishy
 
2014-05-01 10:46:31 AM  

Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.


The problem is, if you shut down all or most of the largest banks in the country, unemployment would go to 25% or so overnight.  The point of a bank is that it loans money to other companies and individuals; if all of those people and companies started having serious trouble getting loans, the economy would crash and another recession would start.

One problem with articles like this is they never list any specific people who "should" have been prosecuted but weren't.  The number could be zero, for all I know.  Give some specifics, man, not "bankers suck and the government sucks" generic crap.
 
2014-05-01 10:48:52 AM  

Geotpf: One problem with articles like this is they never list any specific people who "should" have been prosecuted but weren't. The number could be zero, for all I know. Give some specifics, man, not "bankers suck and the government sucks" generic crap.


No GED in law, and Nancy Grace notwithstanding, but wouldn't that open them up to libel lawsuits?
 
2014-05-01 10:50:00 AM  
getsoutalive:

[cdn.motinetwork.net image 640x612]

i478.photobucket.com
 
2014-05-01 10:51:32 AM  
On the same subject, I am presently reading Mark Taibbi's _The Divide_.  Highly recommended.
 
2014-05-01 10:52:02 AM  
The bankers' behavior is kinda to be expected. You tell them go ahead have fun take as big risks as you want we'll foot the losses they're gonna do just that very thing. And when it all blows up in their face they can cry too big to fail, financial instability, great depression oogy boogy and get their bailouts. Then pay them back by being first in line for T-Bill auctions then reselling them and using those profits for repayment


Banks have a tendency to become very corrupt but people seem to forget that they don't want to store quantities of currency in their home and kind of like being able to purchase things without being required to have the entire bill up front in cash. Much less our financial system is really the only thing keeping us a superpower. There are tremendous perks to having the world's reserve currency and biggest banking system. You don't want to be around when that is no longer the case
 
2014-05-01 10:52:57 AM  

MooseUpNorth: Geotpf: One problem with articles like this is they never list any specific people who "should" have been prosecuted but weren't. The number could be zero, for all I know. Give some specifics, man, not "bankers suck and the government sucks" generic crap.

No GED in law, and Nancy Grace notwithstanding, but wouldn't that open them up to libel lawsuits?


Maybe in some place like Great Britain (whose libel laws are so bad the US passed a law preventing using US courts to collect a UK libel lawsuit), but not in the United States.  The truth, or even an honest attempt to find the truth (even if it turns out to include false info that they honestly believed was true) is a 100% defense against a libel lawsuit in the United States.  Free speech protections are very strong in the US.
 
2014-05-01 10:53:58 AM  

GoldSpider: Just look for one with a (D) after his/her name.


Okay, I'm looking...I see a LOT of crickets, but no congressmembers, D-tagged or otherwise.
 
2014-05-01 10:57:59 AM  

generallyso: In the case of HSBC, caught red-handed laundering money for terrorists and drug cartels the "Justice" Department actually said they were too big to jail:

"Had the U.S. authorities decided to press criminal charges," said Assistant Attorney General Lanny Breuer at a press conference to announce the settlement, "HSBC would almost certainly have lost its banking license in the U.S., the future of the institution would have been under threat and the entire banking system would have been destabilized."


bearsrepeating.jpg

which is really important ...wait, a Kardashian scissored with Miley ? hold on...
 
2014-05-01 11:07:21 AM  

Geotpf: The problem is, if you shut down all or most of the largest banks in the country, unemployment would go to 25% or so overnight. The point of a bank is that it loans money to other companies and individuals; if all of those people and companies started having serious trouble getting loans, the economy would crash and another recession would start.


Their investments wouldn't disappear overnight. They might get tied up for a while, and there would be significant impact, but I doubt 25% unemployment (didn't get that high when trillions vanished overnight, did it?) and a total freeze of the monetary system.

I think the bigger problem comes when people have no faith in the high-finance system (well, I'd assume most of us don't already) - but then again, once you've got the table minimum, it appears you lose some part of your humanity. The only ones who care don't matter; and the only ones who matter don't care.

That's supposed to be where the courts come in, but it appears they don't care much, either.
 
2014-05-01 11:13:51 AM  

Deathfrogg: socoloco: Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.

Wake up. You're dreaming. Time to go to work.

Can't sleep anyway, I have a Mathematics midterm tomorrow.


midterm? it's time for finals at the local University. What kind of schedule are you on?
 
2014-05-01 11:21:23 AM  

Debeo Summa Credo: Because crimes weren't committed, I suppose.

Don't worry, little tinfoil hatters, the govt managed to extort billions from banks in the wake of the crisis.


Citation needed.
 
m00
2014-05-01 11:21:36 AM  

Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.


Because corporations are people that have a constitutional right to due process.

/In before someone on the right says "Why do you want to jail job creators" and someone on the left says "obstructionist Republicans prevented Obama from carrying out justice."
 
2014-05-01 11:22:26 AM  

TwowheelinTim: Deathfrogg: socoloco: Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.

Wake up. You're dreaming. Time to go to work.

Can't sleep anyway, I have a Mathematics midterm tomorrow.

midterm? it's time for finals at the local University. What kind of schedule are you on?


Sounds like a quarter system to me. Spring quarter started in late March or early April, midterms might be around the beginning of May, and finals would be 1st or 2d week of June, depending on the specifics.
 
2014-05-01 11:25:00 AM  

Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.


I believe that's called cutting off your nose to spite your face.
 
2014-05-01 11:26:57 AM  
 
2014-05-01 11:30:57 AM  

Dr Dreidel: That's supposed to be where the courts come in, but it appears they don't care much, either.


SCOTUS does care, but for the bad guys. Since nearly half (44%) of all American families are objectively one glitch away from financial disaster I don't see much reason to have such faith. Furthermore, once caught up in the same legal system a family in bankruptcy is screwed whereas a financial corporation can pay for a legal team to delay indefinitely any legal action aimed at its staff and officers. As Eric Holder was paid to say, "some banks are too large to prosecute."
 
m00
2014-05-01 11:32:37 AM  

FarkedOver: We should take a page from Vietnam's play book.

http://www.washingtonpost.com/news/morning-mix/wp/2014/04/04/vietnam s- punishment-for-corrupt-bankers-death/?tid=hp_mm


Yeah, but we have a concept of limited liability and the corporate veil. People who run corporations are insulated from the actions of those corporations.

That being said, Eric Holder himself admitted we have enough evidence to send a lot of people from Wall Street to jail. They were never pursued, for reasons subby stated.
 
2014-05-01 11:33:53 AM  
Because America is now full of pussies. We need to get all Teddy Roosevelt on these guys.

www.authentichistory.com
 
2014-05-01 11:37:55 AM  
Change.  Keep hoping.   It's just around the corner.
 
2014-05-01 11:38:36 AM  

electricjebus: Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.

I believe that's called cutting off your nose to spite your face.


When cancer invades your nose, and the only solution to surviving that cancer is to remove ones nose or die, perhaps it isn't such a bad thing. The megabanks are most certainly a cancer. They're the pancreatic cancer of our Republic, and the Christian Scientists are in control of the legislatures.
 
2014-05-01 11:45:47 AM  

Geotpf: The problem is, if you shut down all or most of the largest banks in the country, unemployment would go to 25% or so overnight.


The solution would be for the gov't to seize those particular banks and then run them itself for a time so as to keep things stable before splitting them into hundreds or thousands of smaller banks and reselling the smaller banks to the private sector.
 
2014-05-01 11:51:13 AM  

Deathfrogg: When cancer invades your nose, and the only solution to surviving that cancer is to remove ones nose or die, perhaps it isn't such a bad thing. The megabanks are most certainly a cancer. They're the pancreatic cancer of our Republic, and the Christian Scientists are in control of the legislatures.


Eh, the lobbyists seem to be in control of the legislators at least so far as economics are concerned... and it could be worse.  The tea party was more than willing to have the US default on debts over healthcare reform, but the lobbyists managed to put a stop to it before that global depression started.

My point is that it would be much better to fix our prosecution of corrupt bankers than to just go around cancelling corporate charters, as foreign investment in the US is very good for us, and we get a lot of it in part because we don't really do that sort of thing.
 
2014-05-01 11:56:11 AM  

electricjebus:

My point is that it would be much better to fix our prosecution of corrupt bankers than to just go around cancelling corporate charters, as foreign investment in the US is very good for us, and we get a lot of it in part because we don't really do that sort of thing.


Yep, thats why every crime organization in the world, from drug smugglers to black market weapons dealers and mass murdering dictators continue to enjoy the fruits of their ill-gotten gains here. I've read in a couple of publications that if all the cocaine cartel money was taken out of the stock market, the Dollar would collapse like the German Mark did in 1921.
 
2014-05-01 12:03:45 PM  

Deathfrogg: Yep, thats why every crime organization in the world, from drug smugglers to black market weapons dealers and mass murdering dictators continue to enjoy the fruits of their ill-gotten gains here. I've read in a couple of publications that if all the cocaine cartel money was taken out of the stock market, the Dollar would collapse like the German Mark did in 1921.


The US trade deficit is like half a trillion dollars a year, and we're not afraid to invest foreign... that's way more than drug and dictator money.
 
2014-05-01 12:11:00 PM  
Happy May Day! *grumble*
 
2014-05-01 12:12:28 PM  

electricjebus: Deathfrogg: Yep, thats why every crime organization in the world, from drug smugglers to black market weapons dealers and mass murdering dictators continue to enjoy the fruits of their ill-gotten gains here. I've read in a couple of publications that if all the cocaine cartel money was taken out of the stock market, the Dollar would collapse like the German Mark did in 1921.

The US trade deficit is like half a trillion dollars a year, and we're not afraid to invest foreign... that's way more than drug and dictator money.


Think so? The world market for Cocaine alone is estimated at $4 trillion a year.
 
2014-05-01 12:16:16 PM  

Deathfrogg: electricjebus: Deathfrogg: Yep, thats why every crime organization in the world, from drug smugglers to black market weapons dealers and mass murdering dictators continue to enjoy the fruits of their ill-gotten gains here. I've read in a couple of publications that if all the cocaine cartel money was taken out of the stock market, the Dollar would collapse like the German Mark did in 1921.

The US trade deficit is like half a trillion dollars a year, and we're not afraid to invest foreign... that's way more than drug and dictator money.

Think so? The world market for Cocaine alone is estimated at $4 trillion a year.


$400 Billion. BILLION, dammit, thats what I was going to type in.

I need more coffee.
 
2014-05-01 12:19:32 PM  

Cold_Sassy: Debeo Summa Credo: Because crimes weren't committed, I suppose.

Don't worry, little tinfoil hatters, the govt managed to extort billions from banks in the wake of the crisis.

Citation needed.


TFA regarding the lack of criminality.
 
2014-05-01 12:21:11 PM  

Deathfrogg: Think so? The world market for Cocaine alone is estimated at $4 trillion a year.


By who?

The UN estimates it at 88 billion dollars.

Source  http://www.unodc.org/documents/wdr/WDR_2010/1.3_The_globa_cocaine_mar k et.pdf
7th page in the document.
 
2014-05-01 12:21:20 PM  

Deathfrogg: electricjebus: Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.

I believe that's called cutting off your nose to spite your face.

When cancer invades your nose, and the only solution to surviving that cancer is to remove ones nose or die, perhaps it isn't such a bad thing. The megabanks are most certainly a cancer. They're the pancreatic cancer of our Republic, and the Christian Scientists are in control of the legislatures.


This is what farklibs actually believe
 
2014-05-01 12:24:25 PM  

Xenomech: Geotpf: The problem is, if you shut down all or most of the largest banks in the country, unemployment would go to 25% or so overnight.

The solution would be for the gov't to seize those particular banks and then run them itself for a time so as to keep things stable before splitting them into hundreds or thousands of smaller banks and reselling the smaller banks to the private sector.


Although it's not exactly a bank, what happened to AIG was similar to this, although without a criminal element attached (it's unclear whether or not AIG actually broke any laws, beyond the law of "don't be such a dumbass that you destroy the economy of the entire country").  The government ended up owning 79.9% of AIG at one point, and AIG sold many of it's subsidiaries to pay back the government.
 
2014-05-01 12:25:09 PM  

Deathfrogg: $400 Billion. BILLION, dammit, thats what I was going to type in.

I need more coffee.


That's closer to the entire global illegal drug market.  And nowhere near all that money is being funneled into the US.

Source  http://www.boston.com/news/world/europe/articles/2005/06/30/un_report _ puts_worlds_illicit_drug_trade_at_estimated_321b/

as of 2005 it was at 321 billion.
 
2014-05-01 12:30:44 PM  

Geotpf: The problem is, if you shut down all or most of the largest banks in the country, unemployment would go to 25% or so overnight.


Just kill the investment side and let the basic lenders exist.  Investment banks are the ultimate "screw you, I got mine" industry.
 
2014-05-01 12:30:47 PM  

generallyso: In the case of HSBC, caught red-handed laundering money for terrorists and drug cartels the "Justice" Department actually said they were too big to jail:

"Had the U.S. authorities decided to press criminal charges," said Assistant Attorney General Lanny Breuer at a press conference to announce the settlement, "HSBC would almost certainly have lost its banking license in the U.S., the future of the institution would have been under threat and the entire banking system would have been destabilized."


At the time of the troubles, the answer to all quotes like this should have been, "So what?"
 
2014-05-01 12:31:36 PM  

Geotpf: Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.

The problem is, if you shut down all or most of the largest banks in the country, unemployment would go to 25% or so overnight.  The point of a bank is that it loans money to other companies and individuals; if all of those people and companies started having serious trouble getting loans, the economy would crash and another recession would start.

One problem with articles like this is they never list any specific people who "should" have been prosecuted but weren't.  The number could be zero, for all I know.  Give some specifics, man, not "bankers suck and the government sucks" generic crap.


You are expecting too much of these idiots.

If there were actually people who committed prosecutable crimes with a reasonable chance of conviction, they would be prosecuted, like Madoff or the SAC capital guys.

You don't think Eric Schneiderman or Preet Bharara or any other AG would love to put Angelo Mozilo or Joe Cassano (two poster boys of the mortgage crisis) behind bars? Those guys are out of the industry. Prosecuting them would have zero impact on the current financial system or economy. They can't be prosecuted because no actual crimes were committed.

These fantasies of mass financial crimes are just delusions of the financially illiterate left.
 
2014-05-01 12:33:09 PM  

Detinwolf: Geotpf: The problem is, if you shut down all or most of the largest banks in the country, unemployment would go to 25% or so overnight.

Just kill the investment side and let the basic lenders exist.  Investment banks are the ultimate "screw you, I got mine" industry.


Ending investment banking would have no impact on the economy - this is what farklibs actually believe
 
2014-05-01 12:35:33 PM  
[quote
Cdr.Murdock

And people hate the cops.....
Maybe if we all Hope for Change...
 
2014-05-01 12:46:08 PM  
DubtodaIll

Because the private sector pays its lawyers better.

Only because in the government sector, you don't even need a lawyer. Just a lackey in the white house to dirty deal for you.
* Major Obama donor caught on video beating girlfriend (including kicks to the head) beats the rap


* Obama administration's Federal Air Marshal Service (FAMS) Director Robert Bray walks away from illegal gun sales charges and keeps his government pension.
 
2014-05-01 12:47:20 PM  

Pwnzor: At the time of the troubles, the answer to all quotes like this should have been, "So what?"


Not "So what?" it should have been "It's better in the long run."
 
2014-05-01 12:47:43 PM  
Because there was no wrong doing?

Housing crunch was not due to evil CEOs, but stupid government policy.
 
2014-05-01 12:50:08 PM  

GoldSpider: Gulper Eel: And where's the congressmember to introduce such a measure?

Just look for one with a (D) after his/her name.


Lol. I love this belief by democrats that their party isn't in bed woth wall street despite the merry go round of wall street members in Obama's executive.

Ignorant the fact that Dodd Frank actually made the big banks even bigger.
 
2014-05-01 12:51:27 PM  

sendtodave: Cold_Sassy: money talks

That was the official court opinion in Citizens United, correct?


Incorrect. But dont stop that misreading of it.
 
2014-05-01 12:56:06 PM  

Debeo Summa Credo: Because crimes weren't committed, I suppose.

Don't worry, little tinfoil hatters, the govt managed to extort billions from banks in the wake of the crisis.


?
?!
?!?!?!

Hopefully you're trollling, perhaps you're ignorant and choose to remain that way, but just in case you wish to remedy your ignorance:
From the article:
"But on that November morning, the judge seemed almost torn. Serageldin lied about the value of his bank's securities - that was a crime, of course - but other bankers behaved far worse. Serageldin's former employer, for one, had revised its past financial statements to account for $2.7 billion that should have been reported. Lehman Brothers, AIG, Citigroup, Countrywide and many others had also admitted that they were in much worse shape than they initially allowed. Merrill Lynch, in particular, announced a loss of nearly $8 billion three weeks after claiming it was $4.5 billion. Serageldin's conduct was, in the judge's words, "a small piece of an overall evil climate within the bank and with many other banks."
 
2014-05-01 01:06:49 PM  
So, Farkers, with your super brains...

Give some examples, citing the relevant laws and evidence, of who should go to jail, and why......
 
2014-05-01 01:12:01 PM  

Cynicism101: Debeo Summa Credo: Because crimes weren't committed, I suppose.

Don't worry, little tinfoil hatters, the govt managed to extort billions from banks in the wake of the crisis.

?
?!
?!?!?!

Hopefully you're trollling, perhaps you're ignorant and choose to remain that way, but just in case you wish to remedy your ignorance:
From the article:
"But on that November morning, the judge seemed almost torn. Serageldin lied about the value of his bank's securities - that was a crime, of course - but other bankers behaved far worse. Serageldin's former employer, for one, had revised its past financial statements to account for $2.7 billion that should have been reported. Lehman Brothers, AIG, Citigroup, Countrywide and many others had also admitted that they were in much worse shape than they initially allowed. Merrill Lynch, in particular, announced a loss of nearly $8 billion three weeks after claiming it was $4.5 billion. Serageldin's conduct was, in the judge's words, "a small piece of an overall evil climate within the bank and with many other banks."


So you apparently believe that the other bankers who "behaved far worse" weren't prosecuted because of some conspiracy or reluctance of prosecutors to actually try to convict bankers, even though they could? Hopefully you are trolling.

/protip: accounting mistakes aren't crimes. Silly left wing article is silly.
 
2014-05-01 01:19:09 PM  

Thunderpipes: So, Farkers, with your super brains...

Give some examples, citing the relevant laws and evidence, of who should go to jail, and why......


All those greedy bankers should go to jail because ummm, too big to fail,,, umm because TARP, and Matt Taibbi and Elizabeth Warren and Glass steagall and because Brawndo's got electrolytes, that's why!!
 
2014-05-01 01:30:14 PM  

The Irresponsible Captain: Because America is now full of pussies. We need to get all Teddy Roosevelt on these guys.

[www.authentichistory.com image 330x438]


Teddy was actually much more like the present administration.  Sure, he was known as a trust buster, but that was only in contrast to the absolute laissez faire way of doing business in previous administrations.  Teddy's MO was to only go after trusts when the economics of doing so made sense, and where the imposition of government regulation didn't risk any radical destabilization of the market.  He would have applauded the HSBC settlement.

Taft was the true progressive.  He broke up something like 4x the monopolies that Teddy did, and in only a fraction of the time.  That's why Teddy came to hate Taft, and why Teddy started the Bull Moose party to unseat him.
 
2014-05-01 01:32:21 PM  

SquiggsIN: MyRandomName: GoldSpider: Gulper Eel: And where's the congressmember to introduce such a measure?

Just look for one with a (D) after his/her name.

Lol. I love this belief by democrats that their party isn't in bed woth wall street despite the merry go round of wall street members in Obama's executive.

Ignorant the fact that Dodd Frank actually made the big banks even bigger.

And I can't believe how many delusional people like you think that the Republican party isn't corrupted in the exact same manner.  R and D are far more alike than they are different.


I dont see where he said the Republican party wasn't.  He was just calling out GoldSpider for his blind partisanship .
 
2014-05-01 01:47:52 PM  
For the same reason Martha Stewart went to prison: as a show to appease the stupid masses by punishing one person for something LOTS of other people also did.

And also to let us all know who's really in charge: Banks.
 
2014-05-01 01:56:57 PM  

MyRandomName: sendtodave: Cold_Sassy: money talks

That was the official court opinion in Citizens United, correct?

Incorrect. But dont stop that misreading of it.


Is the correct reading of it pithy and cynical?

If not, I'll stick with mine.
 
2014-05-01 02:01:15 PM  

Debeo Summa Credo: Detinwolf: Geotpf: The problem is, if you shut down all or most of the largest banks in the country, unemployment would go to 25% or so overnight.

Just kill the investment side and let the basic lenders exist.  Investment banks are the ultimate "screw you, I got mine" industry.

Ending investment banking would have no impact on the economy - this is what farklibs actually believe


You don't have to end investment banking, just separate it from commercial banking. That won't solve all of the world's problems, but it's a step in the right direction.
 
2014-05-01 02:11:02 PM  

Debeo Summa Credo: If there were actually people who committed prosecutable crimes with a reasonable chance of conviction, they would be prosecuted, like Madoff or the SAC capital guys


"conservatives" have full faith in the government to execute people and prosecute banksters but forget about it being able to give social services to the poor, suddenly government can't do anything right and we shouldn't trust it.
 
2014-05-01 02:58:41 PM  

Deathfrogg: Since when do we need to prosecute these companies at all? The Constitution provides the means for States and the Federal governments to merely cancel the Corporations charters if they become a danger to the Republic. No trial is needed. All it takes is an act of the relevant legislative body. A simple majority vote. fark prosecuting them, just yank their charters, seize their assets and auction them off to pay off the investors. Those laws are almost as old as the Constitution itself.


So destroy the jobs of thousands of innocent people instead of going after the few guilty bastards? WTF is wrong with you?
 
2014-05-01 03:50:27 PM  

mod3072: Debeo Summa Credo: Detinwolf: Geotpf: The problem is, if you shut down all or most of the largest banks in the country, unemployment would go to 25% or so overnight.

Just kill the investment side and let the basic lenders exist.  Investment banks are the ultimate "screw you, I got mine" industry.

Ending investment banking would have no impact on the economy - this is what farklibs actually believe

You don't have to end investment banking, just separate it from commercial banking. That won't solve all of the world's problems, but it's a step in the right direction.


The other guy said kill the investment banking side. Yours is a separate issue. I think your proposal is not advisable for various reasons but it's at least debatable, unlike the 'herpa-derpa end investment banking' nonsense.
 
2014-05-01 04:06:07 PM  
There's not much point in controlling a vast empire if the people at the top are subject to laws.
 
2014-05-01 04:39:55 PM  

Debeo Summa Credo: Because crimes weren't committed, I suppose.

Don't worry, little tinfoil hatters, the govt managed to extort billions from banks in the wake of the crisis.


Fraud isn't a felony when committed by the rich?
 
2014-05-01 04:42:12 PM  

Debeo Summa Credo: All those greedy bankers should go to jail because ummm


Fraud.

They should go to prison because fraud is a felony.
 
2014-05-01 05:07:55 PM  

BullBearMS: Debeo Summa Credo: All those greedy bankers should go to jail because ummm

Fraud.

They should go to prison because fraud is a felony.


Their fraud bankrupted the entire planet.  They should get life sentences.
 
2014-05-01 05:12:45 PM  

Nemo's Brother: BullBearMS: Debeo Summa Credo: All those greedy bankers should go to jail because ummm

Fraud.

They should go to prison because fraud is a felony.

Their fraud bankrupted the entire planet.  They should get life sentences.


Derpa derpa dooooooooooo!!!

You guys are farking idiots. You have no idea what you are talking about.
 
2014-05-01 05:14:20 PM  

Headso: Debeo Summa Credo: If there were actually people who committed prosecutable crimes with a reasonable chance of conviction, they would be prosecuted, like Madoff or the SAC capital guys

"conservatives" have full faith in the government to execute people and prosecute banksters but forget about it being able to give social services to the poor, suddenly government can't do anything right and we shouldn't trust it.


This is quite a drift. I expect better from you.
 
2014-05-01 06:43:30 PM  
 
2014-05-01 06:47:42 PM  
 
2014-05-01 06:50:45 PM  
 
2014-05-01 06:53:36 PM  
 
2014-05-01 06:57:25 PM  
 
2014-05-01 07:08:34 PM  
Who has better lawyers, Wall/K Streets or the DoJ?
 
2014-05-01 07:08:48 PM  

BullBearMS: Fraud


Give it up BB, folks like that don't give a shiat about factual information. He'll probably iggy you for trying to communicate with him. If theres one thing I have discovered about "conservatives", is that the actively reject any evidence that doesn't come out of the echosphere of talk radio and the FOX agitprop noise machine or their own imaginations. They will virtually stick their fingers in their ears and sing Henry the 8th at the top of their lungs, rather than listen to anyone but themselves about anything that runs counter to their faith-based socioeconomic belief system. If they don't believe it, it can't be possible. They're complete nihilists.
 
2014-05-01 07:08:51 PM  
Fraud

Wells Fargo & Co. has agreed to pay the Federal Housing Finance Agency less than $1 billion to settle claims that it sold toxic mortgage-backed securities to Freddie Mac and Fannie Mae prior to the financial crisis, according to a Thursday news report.
 
2014-05-01 07:10:18 PM  

MooseUpNorth: Thread's pretty much over already. Subby, get the lights.


*lights*

/subby
//I'm not always pessimistic in my headlines
///but when I am, it's often about the banking industry
 
2014-05-01 07:13:03 PM  

Deathfrogg: Give it up BB, folks like that don't give a shiat about factual information.


Of course not, but it's fun to prove just how full of shiat he is when he pulls this exact same BS in every thread on the financial crisis.
 
m00
2014-05-01 07:17:15 PM  

BullBearMS: Fraud


Why are you attacking job creators? They create jobs. Without jobs, people starve and go homeless. Do you love seeing people starving and homeless or something?
 
2014-05-01 08:43:37 PM  
Because they could only find one case where the evidence didn't lead right back to the politicians or the bureaucrats at the FED and/or Treasury Department.
 
2014-05-01 11:31:00 PM  

BullBearMS: Fraud

Wells Fargo & Co. has agreed to pay the Federal Housing Finance Agency less than $1 billion to settle claims that it sold toxic mortgage-backed securities to Freddie Mac and Fannie Mae prior to the financial crisis, according to a Thursday news report.


Gee, you'd think more people would be going to jail if there was so much "fraud".

No, it's all a conspiracy. All those attorneys general and prosecutors are just in cahoots with the big bad bankers, I'm sure.
 
m00
2014-05-02 01:34:35 AM  

Debeo Summa Credo: Gee, you'd think more people would be going to jail if there was so much "fraud".


Ask how I know you didn't read the article :)
 
2014-05-02 03:52:01 AM  

Debeo Summa Credo: BullBearMS: Fraud

Wells Fargo & Co. has agreed to pay the Federal Housing Finance Agency less than $1 billion to settle claims that it sold toxic mortgage-backed securities to Freddie Mac and Fannie Mae prior to the financial crisis, according to a Thursday news report.

Gee, you'd think more people would be going to jail if there was so much "fraud".

No, it's all a conspiracy. All those attorneys general and prosecutors are just in cahoots with the big bad bankers, I'm sure.


So basically you're saying you trust the justice system completely to punish everyone all the time, especially people who argue that they are too important to go to jail and their companies are too important to be shut down. And that conspiracies aren't real because when crackpots say aliens built the pyramids that nullifies the fact that anyone has ever worked together in secret to perpetrate a crime. Good hearing from you.
 
2014-05-02 05:04:33 AM  

Debeo Summa Credo: BullBearMS: Fraud

Wells Fargo & Co. has agreed to pay the Federal Housing Finance Agency less than $1 billion to settle claims that it sold toxic mortgage-backed securities to Freddie Mac and Fannie Mae prior to the financial crisis, according to a Thursday news report.

Gee, you'd think more people would be going to jail if there was so much "fraud".

No, it's all a conspiracy. All those attorneys general and prosecutors are just in cahoots with the big bad bankers, I'm sure.


you're a terrible troll 1/10.

Go back to the 1990's and read the Holder memorandum...wait wait let me help you'r dumb ass out and link it for you.   HERE.

This follows the successful busting of Arthur Anderson (ENRON accounting and audit firm).  What happened to Arthur Anderson should happen to many many more businesses in the USA and frankly around the world.  However our esteemed Attorney General thinks that we ought to just fine them or enter into deferred prosecution agreements instead.

How nice of him.  How 'fortunate' for those who put money into politicians coffers.  HSBC even admitted to knowingly laundering 850 million (yes million) dollars in drug money from the cartels to hezbollah and many other recipients.  Eric Holder said...nah just fine em for like 1.9 billion and they can walk.

So The US government decided that it was ok to take $1.9B in lieu of shutting down a corrupt organization.  That is just what HSBC admitted to.  There was no trial...no discovery and no investigation.  That 850M was likely the tip of a very large iceberg and HSBC were happy to pay.

That is just one scandal.

LIBOR rate fix
Countrywide mortgage fraud (JP Morgan Chase paid $13B in a settlement)
Municipal Bond Rigging and Price Fixing

*currently under investigation*
- Gold market rigging (and other precious metal markets)
- Foreign Currency Exchange rigging (FOREX)

No totally not signs of cartel activity and a participatory government!
One hand is washing the other.
 
2014-05-02 08:03:52 AM  

TDBoedy: This follows the successful busting of Arthur Anderson (ENRON accounting and audit firm). What happened to Arthur Anderson should happen to many many more businesses in the USA and frankly around the world. However our esteemed Attorney General thinks that we ought to just fine them or enter into deferred prosecution agreements instead.

How nice of him. How 'fortunate' for those who put money into politicians coffers.


That kind of leaves out the part where Eric Holder is a millionaire Wall Street defense attorney whose day job will soon go back to being defending these very same fraudulent assholes.

You don't think he's going to actually prosecute his clients, do you?
 
2014-05-02 08:15:16 AM  
 
2014-05-02 08:41:47 AM  
Like the song said , " Meet the new boss,same as the old boss..."

Wall Street has a branch office in the oval office ,no matter who is sitting behind the desk.


http://www.cnbc.com/id/101619264


Wall Street for Hillary Clinton? Don't rule it out !
 
2014-05-02 09:09:18 AM  

BullBearMS: TDBoedy: This follows the successful busting of Arthur Anderson (ENRON accounting and audit firm). What happened to Arthur Anderson should happen to many many more businesses in the USA and frankly around the world. However our esteemed Attorney General thinks that we ought to just fine them or enter into deferred prosecution agreements instead.

How nice of him. How 'fortunate' for those who put money into politicians coffers.

That kind of leaves out the part where Eric Holder is a millionaire Wall Street defense attorney whose day job will soon go back to being defending these very same fraudulent assholes.

You don't think he's going to actually prosecute his clients, do you?


Yeah, you've convinced me. It's all a conspiracy. All the AGs and Holder are avoiding prosecuting bankers, even though they could easily do so, because they are beholden to Wall Street.

Because satisfying the populist outrage about banks wouldnt be politically helpful at all, and lord knows no attorneys general ever have political ambitions anyway.

Every month or so, Obama, Holder, Eric Schneiderman, Preet Bharara, dozens of other AGs, Lloyd Blankfein, Jamie Dimon, and other bankers get together to plan their world domination and laugh about how they are taking advantage of you. Yeah, that's it.
 
2014-05-02 10:08:03 AM  

Debeo Summa Credo: Yeah, you've convinced me. It's all a conspiracy. All the AGs and Holder are avoiding prosecuting bankers, even though they could easily do so, because they are beholden to Wall Street.


I know, right? It's completely shocking that politicians might be for sale.

A power play is underway in the foreclosure arena, according to the New York Times.

On the one side is Eric Schneiderman, the New York Attorney General, who is conducting his own investigation into the era of securitizations - the practice of chopping up assets like mortgages and converting them into saleable securities - that led up to the financial crisis of 2007-2008.

On the other side is the Obama administration, the banks, and all the other state attorneys general.

This second camp has cooked up a deal that would allow the banks to walk away with just a seriously discounted fine from a generation of fraud that led to millions of people losing their homes.

The idea behind this federally-guided "settlement" is to concentrate and centralize all the legal exposure accrued by this generation of grotesque banker corruption in one place, put one single price tag on it that everyone can live with, and then stuff the details into a titanium canister before shooting it into deep space.

This is all about protecting the banks from future enforcement actions on both the civil and criminal sides. The plan is to provide year-after-year, repeat-offending banks like Bank of America with cost certainty, so that they know exactly how much they'll have to pay in fines (trust me, it will end up being a tiny fraction of what they made off the fraudulent practices) and will also get to know for sure that there are no more criminal investigations in the pipeline.
 
2014-05-02 01:49:46 PM  

Debeo Summa Credo: BullBearMS: TDBoedy: This follows the successful busting of Arthur Anderson (ENRON accounting and audit firm). What happened to Arthur Anderson should happen to many many more businesses in the USA and frankly around the world. However our esteemed Attorney General thinks that we ought to just fine them or enter into deferred prosecution agreements instead.

How nice of him. How 'fortunate' for those who put money into politicians coffers.

That kind of leaves out the part where Eric Holder is a millionaire Wall Street defense attorney whose day job will soon go back to being defending these very same fraudulent assholes.

You don't think he's going to actually prosecute his clients, do you?

Yeah, you've convinced me. It's all a conspiracy. All the AGs and Holder are avoiding prosecuting bankers, even though they could easily do so, because they are beholden to Wall Street.

Because satisfying the populist outrage about banks wouldnt be politically helpful at all, and lord knows no attorneys general ever have political ambitions anyway.

Every month or so, Obama, Holder, Eric Schneiderman, Preet Bharara, dozens of other AGs, Lloyd Blankfein, Jamie Dimon, and other bankers get together to plan their world domination and laugh about how they are taking advantage of you. Yeah, that's it.


So the idea that your boys are crooked is completely foreign to you?
 
2014-05-02 05:52:33 PM  

SquiggsIN: DebeoSomekindofCreepo is obviously drawing a check from someone right there in NY, NY who is intimately involved in these activities.  He has a vested interest in maintaining and pushing the narrative that banks/investment firms are just innocent bystanders and have no part in organized collusion/corruption of the banking/financial systems of the world.


Damn it! You got me, Squiggs!

Ill have to tell Jamie, Lloyd, Barack, and the AGs that the jig is up and you have uncovered our conspiracy.
 
2014-05-02 06:48:15 PM  
 
2014-05-02 07:09:47 PM  
kinda' hard to put wealthy bankers in prison when these same bankers own Judges and Legislators and can afford the best Lawyers in the business.

when is the last time a wealthy murderer was put to death???    not gonna' happen.

feel free to try, though.    no pun intended.

ain't Freedom great!
 
2014-05-02 09:28:03 PM  

Debeo Summa Credo: SquiggsIN: DebeoSomekindofCreepo is obviously drawing a check from someone right there in NY, NY who is intimately involved in these activities.  He has a vested interest in maintaining and pushing the narrative that banks/investment firms are just innocent bystanders and have no part in organized collusion/corruption of the banking/financial systems of the world.

Damn it! You got me, Squiggs!

Ill have to tell Jamie, Lloyd, Barack, and the AGs that the jig is up and you have uncovered our conspiracy.


I'll provide some quotes ,and a link if you want to see how deep this rabbit hole goes.

Bill Clinton, Eric Holder ( hero's to the common man )

 Marc Rich ,(Biggest tax evader in US.History,oil spot price manipulator)
 Remember he didn't pay his taxes  ( Taxes= schools & jobs) Imagine Bundy with Krypotnite  strength

Rich became internationally notorious in 2001, when, as a fugitive from justice, he was pardoned by Bill Clinton in the last hours of his administration.

 What many don't recall is that Attorney General Eric Holder, who was then a deputy
attorney general, was instrumental in securing Rich's pardon.


Why did Bill Clinton (defender of the poor) pardon Marc Rich ?"
"..., speculation was rampant that Rich (and his ex-wife) had bought the pardon by, in part, donating $450,000 to Clinton's presidential library."

Marc Rich, Democratic donor and all around good guy who deserved a pardon
.
"Rich was a pioneering commodities trader who made billions dealing in oil and other goods. He had a habit of dealing with nations with which trade was embargoed, like Iran, Libya, Cuba, and apartheid South Africa. Rich also had a habit of not paying his taxes,"


http://www.slate.com/blogs/crime/2013/07/02/marc_rich_presidential_p ar don_how_eric_holder_facilitated_the_most_unjust.html
 
Displayed 123 of 123 comments

View Voting Results: Smartest and Funniest

This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
On Twitter






In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report