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 126
    More: Interesting  
•       •       •

4835 clicks; posted to Main » on 01 May 2014 at 9:48 AM (17 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



126 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

First | « | 1 | 2 | 3 | » | Last | Show all
 
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 12:16:03 PM
Because the Bilderburgs?
 
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 12:59:57 PM

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.
 
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
 
Displayed 50 of 126 comments

First | « | 1 | 2 | 3 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is closed to new comments.

Continue Farking
Submit a Link »






Report