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View Diary: Taibbi, Naked Capitalism Re: Our Bipartisan "Fraudemocracy" (261 comments)

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  •  Thanks very much for this! n/t (30+ / 0-)

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Sun May 02, 2010 at 06:58:16 AM PDT

    [ Parent ]

    •  Mark Ames' Alternet piece is a companion to... (37+ / 0-)

      ...  this NY Press piece, "Fraudonomics".  It's sort of a rude Socratic dialogue between Ames and a private equity fund manager, or as the subheadline describes him, "an anonymous private equity 'hypocrite' and 'liar.'"

      Certainly worthy of inclusion in the diary.

      •  Readers will appreciate this excellent link! n/t (16+ / 0-)

        "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

        by bobswern on Sun May 02, 2010 at 08:15:23 AM PDT

        [ Parent ]

        •  Speaking of links...Dodd not Lincoln the villian? (1+ / 0-)
          Recommended by:

          First,, what a FANTASTIC diary you wrote!!!  

          I've got a question about one of your links.  Regarding the disappearance of the word "trading" from the derivatives bill (thus weakening it), the linked article says only that it's not in "the merged Dodd bill", which I'm pretty sure Dodd's people put together.  

          I'm guessing it was Dodd rather than Blanche Lincoln & the Ag Committee who's responsible.  Dodd was going to put absolute crap in until Lincoln came up with very strong legislation.   He was fighting her tooth-and-nail until shortly after a big showdown with Lincoln & Maria Cantwell:

          Dodd has been a "dear friend" of the hedge fund industry for years -- many are based in CT.  I think he'll be looking for ways to gut the bill at every juncture.

          I only mention this because, even if it's because of Halter, I'm so glad Lincoln put forward the stronger bill.  

    •  Hi, Bob. Racketeering and elements of the crime.. (27+ / 0-)

      are getting very low priority, both in MSM and at Rolling Stone, Naked Capitalism and Zero Hedge.

      Back 1980s and early 1990s we prosecuted scores of S&L and mortgage bankers for doing less than 1% of what Goldman, Sachs did.

      "Less" by amounts of money stolen.

      -- The frauds of the S&L/mortgage people went to "friendly appraisals" and falsified statements.

      -- The frauds of Goldman, Sachs centered on bribing the rating agencies and their employees, together with marketing the fraudulently acquired "AAA" instruments -- including by wired transfers of fraudulent information -- to

      BTW: McCaion asked what a Synthetic Collateralized Debt Obligation ("Synthetic CDO") is ???

      "You pool reference securities that reference specific risk (tranches)" -- leading McCain to ask how this was difference from betting on a sports game ? ---- which is the key to prohibiting public firms from taking bets as well as from betting.

      McCain also goes ahead with asking if the rating agency would know what was happening with Goldman, Sachs and the hedge fund betting against the Synthetic CDO. Blankfein lies his ass off. (Of course, GS didn't tell any client or any rating agency what deals it was constructing.)

      Senate Government Affairs Subcommittee on Investigations.

      On C-SPAN.

      The questioners don't seem to understand either the legal definition for racketeering, or what happened at the 10-times-normal payments at the rating agencies. Too damn bad.

      Maybe staff gets a bite at this apple.....

      Or else we do indeed need an Organized Crime Strike Force with a Federal Grand Jury and subpoena powers and all the time in the world to dig out the details.

      GS was a criminal enterprise through all of this. Now GS is all about cover-up.

      Angry White Males + Personality Disorder delusionals + Career criminals

      + White Racists + Pro-Life Christians =EQ= The GOPer Base

      by vets74 on Sun May 02, 2010 at 09:32:29 AM PDT

      [ Parent ]

      •  We Live in a Kleptocracy (21+ / 0-)

        We have a government that turns a blind eye to the crimes commited by the rich and powerful.  They are allowed to rob us blind.  

        And that is just when they commit actual crimes, because our government is so controlled by the rich and powerful that many of our laws have been changed so that actions which used to be crimes are now perfectly legal.

        And when our economy collapses because we live in such a corrupt kleptocracy, our government takes our tax money from the public purse and gives it to the rich and powerful who caused the collapse so they will not have to suffer like everyone else.

        And after all this, when tens of millions of Americans have lost their jobs, and our governemnt has bailed out the criminals who have corrupted our government and caused this collapse, we get kabuki theater from our elected officials.

        I'd be shocked if any real financial reform comes out of this.  If Obama and the Senate were too corrupted by the insurance companies to pass real healthcare reform, I don't see how they can take on the much more powerful banks.        

        Please remember that Obama got more money to fund his election from the finance industry than any other canidate in history.  Thus, I wouldn't be at all suprised to see that the "financial reform" bill Obama ends up signing mandates that all Americans must get a trading account at Goldman Sachs, and open up a savings account at CitiBank.  Just like with "healthcare reform."    


      •  Agree 1000% - it's PAST time to for the AG (19+ / 0-)

        and the Administration to decide to appoint an "an Organized Crime Strike Force with a Federal Grand Jury and subpoena powers and all the time in the world to dig out the details".

        It just kills me, when I read about the lack of investigation (official, government investigation) into possible criminal charges.

        What will it take to kick-start our national government into performing the tasks for which it is lawfully responsible, such as 'upholding the laws of the US'?

        Why are these new billionaires of Wall Street allowed to lead the entire nation nearly off a financial cliff, and suffer no consequences, nor face any new, stringent regulation to prevent a recurrence of the Great Recession? (which we haven't even climbed out of as of yet)

        Where is the justice in a Congress now fearful of passing regulation on Wall Street, or any Big Business, in deference to the billions that can now be spent by Big Business on elections, thanks to the most conservative US Supreme Court in generations?

        Our society is failing, right before our very eyes - and our leadership is apparently blind to it...

        Our grandparent's generation was willing to do the hard work - when Democrats and Republicans alike recognized, publicly, the overstep of the Nixon Administration in the WaterGate investigation, and the subsequent resignation of President Nixon.

        Today, billions are gone missing in Iraq, and nobody seems to even care about it.

        Tens (hundreds?) of Billions more disappeared in a year-long spiral down of the US (and to a large part, the Global) economy, kick-started by the wave of mortgage defaults beginning in late 2006...

        Meanwhile, following the $750 billion in TARP funds, that saved the asses of the Wall Street Mavens a year ago, millions of dollars of 'bonuses' are again flowing on Wall Street - where regulation today is exactly the same as it was before the TARP rescue, leaving us at risk for another wave of fiscal disaster to wash over us.


        That should be the battle cry of disenfranchised.

        Indict and prosecute those responsible for the worst financial disaster in four generations.

        Start funding green energy projects in the US. We can build Wind Turbine Blades in Ohio and Michigan, and create endlessly, renewable energy production in places like: Easter Oregon, The Columbia River Basin, offshore on the Great Lakes, the Chesapeake Bay, offshore on the southern Eastern Seaboard.

        We've spent ourselves into penury over Iraq and Afghanistan. Can we finally stop throwing away the lives of our sons and daughters in these 'long-Wars' that serve no logical or reasonable purpose, if they ever did? Our empire is crumbling, just as Rome's did - we can not afford to maintain our Empire any longer, not if we hope to survive as a nation in the long term.

        Corruption and greed have become so commonplace in our national politics and businesses, that we are not seeing obvious crime prosecuted at the federal level - and the Free Press is failing to point it out to the people or anyone else, for that matter. How can we maintain our Democracy, if we cannot expect our federal government to follow the laws in the same way that the people are required to follow them?

        It's the frickin 21st century. Could someone get that elderly, white, well-to-do Tea Bagger crowd a college refresher course in "Civics", "Social Studies" and "the role of government in modern American Society"? Racism and homophobia are on the cusp of extinction, isn't there some way to push them over the cliff, without waiting for the last of the last generation to pass on, and take their mid-20th century ideas with them?

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