WHY ISN’T DICK FULD IN A PRISON CELL?

12 comments

Posted on 23rd April 2012 by Administrator in Economy |Politics |Social Issues

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Why isn’t Dick Fuld in prison? Why hasn’t Ernst & Young been sued and put out of business like Arthur Anderson? How can the SEC and the Obama Administration allow Wall Street to get away with massive fraud?

12 Comments

  1. Administrator says:

    23 April 2012
    The Case Against Lehman Brothers – The Credibility Trap

    This documents the investigation into Repo 105 and the fraudulent transfers between New York and London, and when the accounting firm of Ernst & Young knew of the them. The SEC and the Federal Reserve were there at the company, with access to the records, when all this happened.

    And of course, there have been no indictments. And the reason may be that the SEC and the Fed, in their desire to maintain confidence in the system, knew about it and failed to disclose it. Or they could claim incompetence and a failure to do their jobs in protecting the public from financial fraud.

    This is the credibility trap. When you are complicit in a fraud, in any number of ways, you cannot take effective, credible action against it, and deter other frauds from occurring. And you cannot afford to even discuss the issues credibly, because your are too compromised in your own actions, or inaction.

    Jesse

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    23rd April 2012 at 3:30 pm

  2. TeresaE says:

    The same reason the likes of Corzine and Barney Frank, still wander about…

    Laws only count for us little people. Shhh, don’t tell anybody.

    Nevermind, tell everyone you know, they won’t care anyway.

    Obviously, since this crap has even made the evening news and we still can’t get the ignorant, apathetic, normalcy-biased bitches to stand up and do anything about it.

    Ponzi on.

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    23rd April 2012 at 3:34 pm

  3. flash says:

    Lehman Bros, Bank of America , Wells Fargo, AIG, Country Wide , JP Morgan,Citibank . Goldman Sachs…phiiffft.

    Petty thugs , one all all …not worth the time it’d take to prosecute.

    Wal-mart are the rela criminals….the audcity.
    Using their own money to briber government officials. don’t they know that’s the purpose of taxpayers bail-outs..and for this faux pas they will pay and dearly.

    The nerve of Wal-mart leaving Congress and POTUS out of the palm-greasing loop.
    I’ll bet there’s some steroid abuse mixed in this sordid tale some wheres.
    Ain’t no loyalty amongst crooks not more…I tellzz ya.

    The pseudo piety of the US regulatory scum would gag a maggot.

    http://www.cnbc.com/id/47143462

    Wal-Mart Bribery Probe: Why the Stakes Are So High

    The $24 million in illicit payments that Wal-Mart [WMT 59.54 -2.91 (-4.66%) ] has been accused of making in Mexico amount to roughly two hours’ revenue for the world’s largest retailer. But if the allegations prove true, the payments could become huge issues for the company, its executives and directors.

    Source: walmart.com

    United States law is among the strictest in the world when it comes to paying bribes to foreign officials.

    The Foreign Corrupt Practices Act (FCPA), enacted in 1977, makes it a federal crime for any company, officer, director, employee or agent of a company to pay or even offer anything of value “to any foreign official for purposes of influencing any act or decision of such foreign official in his official capacity, inducing such foreign official to do or omit to do any act in violation of the lawful duty of such official, or securing any improper advantage.”

    The Obama administration has made enforcement of the law a priority.

    “There are few more destructive forces in society than the effect of widespread corruption on a people’s hopes and dreams, and I believe it is incumbent upon us to work as hard as we can to eradicate corruption across the globe,” said Assistant Attorney General Lanny Breuer, head of the Justice Department’s criminal division, in a speech late last year

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    23rd April 2012 at 4:21 pm

  4. SSS says:

    Well, I did hear from the 60 Minutes tape that the state of New York is suing Ernst and Young for fraud. It’s a start. I’m guessing here, but if the state’s Attorney General can cut a deal with some of Ernst and Young’s people to point a credible and verifiable finger at Lehman executives, perhaps including Fuld, then the next step would be to take action (finally) against the gangsters at Lehman.

    Or am I expecting WAY TOO MUCH from our justice system?

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    23rd April 2012 at 4:47 pm

  5. SSS says:

    flash

    You need a sarc on/off switch. Or a green onion thingy.

    Like or Dislike: Thumb up 3 Thumb down 1

    23rd April 2012 at 4:51 pm

  6. flash says:

    SSS

    sorry ’bout dat.

    Wal-mart bribes Mexican grifters for access to markets and the justice dept. shits a Kenyan, whilst Wall Street goons financially terrorize senior citizens ,dullards and heroes….justice be shit.

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    23rd April 2012 at 4:57 pm

  7. Mary Malone says:

    Admin: “How can the SEC and the Obama Administration allow Wall Street to get away with massive fraud?”

    They probably have his REAL birth certificate, college transcripts and passport.

    I’m not kidding.

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    23rd April 2012 at 8:07 pm

  8. Thinker says:

    Speaking of jail… I’ve been expecting this, since it was only a matter of time:

    The Return of Debtors’ Prisons

    How did breast cancer survivor Lisa Lindsay end up behind bars? She didn’t pay a medical bill — one the Herrin, Ill., teaching assistant was told she didn’t owe. “She got a $280 medical bill in error and was told she didn’t have to pay it,” The Associated Press reports. “But the bill was turned over to a collection agency, and eventually state troopers showed up at her home and took her to jail in handcuffs.”

    Although the U.S. abolished debtors’ prisons in the 1830s, more than a third of U.S. states allow the police to haul people in who don’t pay all manner of debts, from bills for health care services to credit card and auto loans. In parts of Illinois, debt collectors commonly use publicly funded courts, sheriff’s deputies, and country jails to pressure people who owe even small amounts to pay up, according to the AP.

    More at the link.

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    23rd April 2012 at 10:37 pm

  9. flash says:

    While the Federal courts are busing itself rooting out steroid use in professional sports….
    keeping US safe from viewing steroid induced athleticism.
    Attaboy…you highly paid watchdogs, you…

    http://www.zerohedge.com/contributed/2012-17-23/mf-global-roundup-so-far-great-escape-teflon-don-corzine-bankruptcy-shenaniga
    Was MF Global a parking lot for European sovereign debt?
    On another note, Pam Martens, writing for Alternet.org has a fantastic exercise in out-of-the-box thinking, as well as her own round-up. She begins:
    Only on Wall Street can you bankrupt a company; misplace $1.6 billion of customers’ money; lose 75 percent of shareholders’ money in two weeks; speed dial a high priced criminal attorney and get a court to authorize the payment of your multi-million dollar legal tab from the failed company’s insurance policies; have regulators waive your requirements to take licensing exams required to work in the securities and commodities industry; have your Board of Directors waive your loyalty to the firm; run a bucket shop out of the UK; and still have the word “Honorable” affixed to your name in a Congressional investigations hearing.

    http://www.barnhardt.biz/
    5. I just want to point something out that I’m not sure people are appreciating. All of these so-called “green energy” companies that Obama throws billions of dollars at and then file for BK – these companies are taking less than 18 months to go from signing the papers for the government loans to full-liquidation BK. The speed with which these companies collapse is, in and of itself, proof that these companies are set up PURELY as mechanisms to loot the United States Treasury. They were never intended to actually produce anything. They are shells that are set up to fail. “Success” was never even an objective with any of these outfits. Take Solyndra. They received a loan from the government for over $500 million in September of 2010, and filed for total liquidation bankruptcy in September of 2011. Guys, if that company was real, it would take longer than a year JUST TO GET WARMED UP. It takes time, far in excess of a year, to get a company set up, get infrastructure in place, begin production, establish a customer base, etc. Even if they had some pieces in place before the government money came, remember, we are still talking about HALF A BILLION DOLLARS. For a company to burn through half a billion dollars and have a padlock on the front door in 12 months without massive embezzling going on is not possible. And Solyndra was one of the smaller “loans” issued by the Obama regime. And he is pushing for MORE billion dollar “loans” to “green energy” scam companies. Well, of course. Obama is looting the Treasury ahead of the collapse, positioning himself and his oligarch cronies for the post-Republic regime.

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    23rd April 2012 at 6:52 am

  10. Kill Bill says:

    “Obama throws billions of dollars at and then file for BK – these companies are taking less than 18 months to go from signing the papers for the government loans to full-liquidation BK.”

    This is what Obama/Cantors Jobs Bill will legallize according to Taibbi.

    Its financial crony capitalism. It doesnt create jobs. Its not designed to. It robs investors and the public then implodes.

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    23rd April 2012 at 9:59 am

  11. TeresaE says:

    Thinker, wow, just wow.

    I’m so glad my dad went one state north, instead of one state west, when he left home, BUT Michigan isn’t far behind. They wasted little time in using the new feral pig law to jail a couple farmers and slaughter their NON-feral herds.

    What in the hell are we becoming? People are angry and confused when they hear/see this stuff, but they just cannot find the energy to DO anything

    Which is a common reaction of a (clinically) depressed person. Which I’ve been researching the hell out of because I can finally admit (to myself) that mine is back and raging.

    Many/most of our lives are filled with financial strife and constant fear of government changing the game or accusing us of things, more and more are becoming depressed – which is a perfectly natural reaction to what is going on.

    After Saturday I kinda realize the “average” American is shell shocked. We are being screwed over so hard, so fast, and in so many different ways, by new laws, regulations, threats, rules, tickets, fines, and mandatory purchases that it is forcing us all into a survivors’ stupor.

    Sickening. And sadly, obesity adds to the likelihood of the brain becoming depressed.

    Makes one think it was probably planned this way. Now, how to reverse it?

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    23rd April 2012 at 10:43 am

  12. Kill Bill says:

    What in the hell are we becoming? -TE

    My brain is lurching toward game theory, nash equilibrium,..weird huh

    Fuck Google.

    Nash equilibrium does not necessarily mean the best payoff for all the players involved; in many cases, all the players might improve their payoffs if they could somehow agree on strategies different from the Nash equilibrium: e.g., competing businesses forming a cartel in order to increase their profits. http://en.wikipedia.org/wiki/Prisoner%27s_dilemma

    Sounds like politicians and wall street. It cant be. I wont accept that our elected representatives, who swore to uphold the constitution, and our flag flying patriotic financial district, those ticker tapers of won wars, are somehow in cahoots to fleece the hard working American populace.

    Wait. I need to go out back in the fenced in area… chew some grass …or something. Must fatten up.

    *blank stare*

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    23rd April 2012 at 11:24 am

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