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Tag Archives: banksters

DOJ Prepares Subpoenas for News Corp.

22 Friday Jul 2011

Posted by Craig in Justice Department, Wall Street

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banksters, Department of Justice, News Corp., subpoenas

Wow, that didn’t take long:

“The U.S. Justice Department is preparing subpoenas as part of preliminary investigations into News Corp. relating to alleged foreign bribery and alleged hacking of voicemail of Sept. 11 victims, according to a government official.”

Would have been nice to see this kind of zeal and this sense of urgency and immediacy when it came to taking on the banksters.

Priorities.

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Obama Makes Nice-Nice With the Banksters

13 Monday Jun 2011

Posted by Craig in economy, financial reform, Obama, special interests, too big to fail, Wall Street

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1936, banksters, Barack Obama, campaign contributions, FDR, financial industry, financial regulation, I welcome their hatred, Mitt Romney, too big to fail, Wall Street

FDR, 1936:

“We had to struggle with the old enemies of peace–business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering.

They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know now that Government by organized money is just as dangerous as Government by organized mob.

Never before in all our history have these forces been so united against one candidate as they stand today. They are unanimous in their hate for me–and I welcome their hatred.

I should like to have it said of my first Administration that in it the forces of selfishness and of lust for power met their match. I should like to have it said of my second Administration that in it these forces met their master.”

Barack Obama, 2011:

Can’t we all just get along?

“A few weeks before announcing his re-election campaign, President Obama convened two dozen Wall Street executives, many of them longtime donors, in the White House’s Blue Room.

 The guests were asked for their thoughts on how to speed the economic recovery, then the president opened the floor for over an hour on hot issues like hedge fund regulation and the deficit.

Mr. Obama, who enraged many financial industry executives a year and a half ago by labeling them “fat cats” and criticizing their bonuses, followed up the meeting with phone calls to those who could not attend.

The event, organized by the Democratic National Committee, kicked off an aggressive push by Mr. Obama to win back the allegiance of one of his most vital sources of campaign cash — in part by trying to convince Wall Street that his policies, far from undercutting the investor class, have helped bring banks and financial markets back to health.

[…]

 The president’s top financial industry supporters say they are confident that the support Mr. Obama needs will ultimately be there, despite the financial industry’s unhappiness over his efforts to tighten regulation of their businesses. But it is clear that those supporters will have to work much harder to win over the financial services industry than they did in 2008, before Wall Street’s bust, the subsequent clashes over policy and the sometimes bitter personal differences that lingered afterward.”

Just what in the Sam freaking Hill does the financial industry have to be unhappy about? “Too big to fail” is bigger than ever, no meaningful reform of the industry was passed, their salaries and bonuses are back at or above what they were before these greedy bastards nearly wrecked the world’s economy, none of them has gone to jail, and one of their lackeys is still the Treasury Secretary. Yeah, the big banks are back to good health alright. Nobody else is, but they are.

 “And as Mr. Obama seeks to rebuild, Mitt Romney, a former Massachusetts governor who is seeking the Republican presidential nomination, is using his background as a venture capital executive and his policy proposals to woo financial-industry donors.

Last week, Mr. Romney held three fund-raisers in Greenwich, Conn., and New York, including a reception hosted by Anthony Scaramucci, a hedge fund manager who donated to Mr. Obama in 2008. Mr. Scaramucci said he wanted a president who embodied pragmatism and middle-of-the-road solutions. In 2008, that candidate was Mr. Obama, he said; today, it is Mr. Romney.”

So if next year’s presidential election comes down to Obama vs. Romney it’s just a question of whose lips best fit on the bankster’s backsides as to who gets the biggest campaign contributions, not to mention the attached strings that come with said contributions. No matter who wins, Wall Street can’t lose.

And the beat goes on.

Who Says Crime Doesn’t Pay?

12 Monday Apr 2010

Posted by Craig in AIG, bailout, economy, Financial Crisis, financial reform, financial regulation, Politics, too big to fail, Wall Street

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AIG, banksters, bonuses, Charles Prince, Citigroup, Financial Crisis Inquiry Commission, Joseph Cassano

Who says crime doesn’t pay? If you happen to be a bankster or the crook who caused the collapse at AIG which, but for $182 billion courtesy of that never-ending ATM known as the American taxpayer, nearly led to the meltdown of our entire financial system, it pays like a Las Vegas slot machine. Consider the cases of Charles Prince, former Citigroup CEO, and Joseph Cassano, former head of AIG’s Financial Products Unit.

At last week’s Financial Crisis Inquiry Commission hearings Prince expressed his regret:

“I’m sorry that the financial crisis has had such a devastating impact on our country. I’m sorry for the millions of people, average Americans, who have lost their homes. And I’m sorry that our management team, starting with me, like so many others, could not see the unprecedented market collapse that lay before us.”

But not sorry enough to give back any of his ill-gotten gain from 2007 (emphasis added) :

“Prince, arguably the person most responsible for Citigroup’s enormous problems, can expect at least a $12.5 million cash bonus, compared with last year’s cash payout of $13.8 million.

And as he awaits his official retirement next month, Prince can rest assured that he will leave with $68 million, including his salary and accumulated stockholdings; a $1.7 million pension; an office, car and driver for up to five years — all in addition to the bonus. That is on top of $53.1 million he has taken home in the last four years, a period when $64 billion in the company’s market value has evaporated.”

However, Mr. Prince is a pauper compared to the HCIC (head crook in charge) at AIG, Joseph Cassano:

“Joseph Cassano was the head of AIG’s Financial Products Unit. They are the ones that made about a trillion dollars worth of bets in credit default swaps. They lost.

So, what happened to Cassano? This was all his idea and his team that brought on this colossal collapse. Well, he was fired! Great, justice served…Oh, did I forget to mention one thing? He received $35 million in bonuses when he was let go.”

…When they lost the bets, their company was devastated. Completely and utterly bankrput. The failure was so large, it promised to drag down the rest of the global economy with it. This forced the government to step in and cover their losses. So far, the United States taxpayers have put in $182 billion to keep AIG afloat.

That 35 mil was only tip money for Cassano:

“How much did he make for himself from 2000 to 2008 by gambling with the company’s money? Only $280 million…In the end, he walked away with over $315 million for destroying the company and maybe the whole economy.”

All that and no accountability required:

“This week the Wall Street Journal reported that prosecutors will likely not charge him with fraud. They are not going to try for clawbacks to get some of the money back. In the end, he gets away scott-free. But it’s better than free, he gets to keep all the money he never really made in the first place…”

The best way to rob a bank is to become a banker.

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