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As Max Keiser said on his show a few days ago: "Why isn't this guy impeached?""Well, first on the issue of prosecutions on Wall Street, one of the biggest problems about the collapse of Lehmans and the subsequent financial crisis and the whole subprime lending fiasco is that a lot of that stuff wasnt necessarily illegal, it was just immoral or inappropriate or reckless ." By a lot of stuff, the President means everything that happened, from fraudulent sales of real estate mortgage-backed securities, to Repo 105, to filing false affidavits in foreclosure proceedings. He knows this even though there have been no criminal investigations, no FBI inquiries, no Grand Jury subpoenas, and apparently no review of independent investigations. For him, this isnt about law. He just knows that the immoral and inappropriate and reckless behavior that caused the Great Crash and the Lesser Depression wasnt a crime.
Ah so..the class warfare charge is what? Not true?
Fascinating! Seems our Dear Reader only thinks Wall Street and Banks only found "loopholes":
President Clears Wall Street Of Crimes | Firedoglake
As Max Keiser said on his show a few days ago: "Why isn't this guy impeached?""Well, first on the issue of prosecutions on Wall Street, one of the biggest problems about the collapse of Lehmans and the subsequent financial crisis and the whole subprime lending fiasco is that a lot of that stuff wasnt necessarily illegal, it was just immoral or inappropriate or reckless ." By a lot of stuff, the President means everything that happened, from fraudulent sales of real estate mortgage-backed securities, to Repo 105, to filing false affidavits in foreclosure proceedings. He knows this even though there have been no criminal investigations, no FBI inquiries, no Grand Jury subpoenas, and apparently no review of independent investigations. For him, this isnt about law. He just knows that the immoral and inappropriate and reckless behavior that caused the Great Crash and the Lesser Depression wasnt a crime.
Of course they shouldn't "demonize" them because they didn't commit any crimes! But if they didn't commit any crimes, why does Obama support the protesters?Barack Obama, US president, offered more support for protesters against the global financial system after a weekend of demonstrations in cities around the world, but called on them not to demonize those who worked on Wall Street.
You have much to learn about the whole subprime banking crisis.How does "alot of that stuff" translate into "everything that happened?"
People are getting tried for provable fraud. The root causes of the banking crisis, Mortgage back securities, Default credit swaps ans subprime mortgage lending were all perfectly legal practices.
I know people would LOVE to retroactively make those things illegal, but ex post facto law is specifically banned in the consitution.
You have much to learn about the whole subprime banking crisis.How does "alot of that stuff" translate into "everything that happened?"
People are getting tried for provable fraud. The root causes of the banking crisis, Mortgage back securities, Default credit swaps ans subprime mortgage lending were all perfectly legal practices.
I know people would LOVE to retroactively make those things illegal, but ex post facto law is specifically banned in the consitution.
You have much to learn about the whole subprime banking crisis.How does "alot of that stuff" translate into "everything that happened?"
People are getting tried for provable fraud. The root causes of the banking crisis, Mortgage back securities, Default credit swaps ans subprime mortgage lending were all perfectly legal practices.
I know people would LOVE to retroactively make those things illegal, but ex post facto law is specifically banned in the consitution.
What part of most of the subprime lending was illegal? It was the banks themselves ignoring thier own internal guidelines, not criminal law, when they decided to lend to people below prime levels.
Internal Guidelines? Are you saying that there are no Federal Regulations that cover Loan Origination, Underwriting, or Appraisals?What part of most of the subprime lending was illegal? It was the banks themselves ignoring thier own internal guidelines, not criminal law, when they decided to lend to people below prime levels.
This is the biggest theft in the History of Mankind! Conservative estimates peg the total of the mortgage and securities fraud connected to it at 1,500 Trillion dollars!Part of the task force was designed to go after and bring to justice financial institutions and predatory lenders that were the underlying cause for the financial melt down. Mortgage brokers acting as agents for these lenders preyed on a large number of black and spanish citizens. Selling risky mortgage packages with little or no criteria to qualify, the bottom fell out as soon as the economy went south and the mortgage defaults started coming in. To make matters worse Wall Street "wizards" sold the loans as financial derivatives on the open market with fancy names like "High Grade Select Premium Fund" (Securities Fraud) that money mangers could not buy enough of. The fall out was so wide spread that even Americans involved in the most conservative 401k plans saw their retirement and pension plans literally decimated in a matter of months. Even as the awful outcome became a foregone conclusion self serving stock brokers told their clients to "hold on", it will turn around, and don't cash out. It never did turn around as a small percentage of large hedge fund managers on the other side of the trade bet against sub-prime derivatives(shorting) and made billions overnight riding the real estate market into the ground.
You have much to learn about the whole subprime banking crisis.
What part of most of the subprime lending was illegal? It was the banks themselves ignoring thier own internal guidelines, not criminal law, when they decided to lend to people below prime levels.
Actually, they were pretty much forced to lend into sub prime. But please carry on pretending they weren't.
Ah so..the class warfare charge is what? Not true?
No, you silly Canis...
...it shows that this scoundrel talks out of both sides of his mouth!
How do you feel now, having fallen for the "Hope and Change" line...?
Prosecutors said Rajaratnam made as much as $75 million in all by cultivating a network of friends, former classmates and other tipsters at various companies and investment firms who supplied him with early word on such things as mergers and earnings announcements. In return, they received kickbacks or a chance to get in on the action.
Among the companies he profited from were Google, IBM, Hilton Hotels, Intel, Advanced Micro Devices and Goldman Sachs.
The sentencing was the last major act in a series of prosecutions that followed Rajaratnam's arrest in 2009, the same year he was ranked No. 559 by Forbes magazine among the world's wealthiest billionaires, with a $1.3 billion net worth. More than two dozen people were arrested in the investigation, nicknamed Perfect Hedge, and all were convicted.
Hedge fund exec gets 11 years for insider trading - BusinessWeek
Internal Guidelines? Are you saying that there are no Federal Regulations that cover Loan Origination, Underwriting, or Appraisals?What part of most of the subprime lending was illegal? It was the banks themselves ignoring thier own internal guidelines, not criminal law, when they decided to lend to people below prime levels.
Not only are there Federal Laws but there are State Laws (Statutes) that apply and vary from state to state. What, do you just sit around watching TV all day? Do you not read?
If the Banks and Mortage Brokers didn't break any law then why did Obama and his Justice Department create a Task Force to go after it?
Obama administration attacks mortgage fraud and predatory lending:Will Eric Holder deliver - National Michelle Obama | Examiner.com
This is the biggest theft in the History of Mankind! Conservative estimates peg the total of the mortgage and securities fraud connected to it at 1,500 Trillion dollars!Part of the task force was designed to go after and bring to justice financial institutions and predatory lenders that were the underlying cause for the financial melt down. Mortgage brokers acting as agents for these lenders preyed on a large number of black and spanish citizens. Selling risky mortgage packages with little or no criteria to qualify, the bottom fell out as soon as the economy went south and the mortgage defaults started coming in. To make matters worse Wall Street "wizards" sold the loans as financial derivatives on the open market with fancy names like "High Grade Select Premium Fund" (Securities Fraud) that money mangers could not buy enough of. The fall out was so wide spread that even Americans involved in the most conservative 401k plans saw their retirement and pension plans literally decimated in a matter of months. Even as the awful outcome became a foregone conclusion self serving stock brokers told their clients to "hold on", it will turn around, and don't cash out. It never did turn around as a small percentage of large hedge fund managers on the other side of the trade bet against sub-prime derivatives(shorting) and made billions overnight riding the real estate market into the ground.
Buy you say the banks only violated internal guideliines?
The mortgage bubble was built, maintained and 100% designed by Washington and the FED. All of the lost jobs over the past 20 years - a result of NAFTA.
Period.
The OWS are "occupying" the wrong street - it should be Pennsylvania Ave.
Internal Guidelines? Are you saying that there are no Federal Regulations that cover Loan Origination, Underwriting, or Appraisals?What part of most of the subprime lending was illegal? It was the banks themselves ignoring thier own internal guidelines, not criminal law, when they decided to lend to people below prime levels.
Not only are there Federal Laws but there are State Laws (Statutes) that apply and vary from state to state. What, do you just sit around watching TV all day? Do you not read?
If the Banks and Mortage Brokers didn't break any law then why did Obama and his Justice Department create a Task Force to go after it?
Obama administration attacks mortgage fraud and predatory lending:Will Eric Holder deliver - National Michelle Obama | Examiner.com
This is the biggest theft in the History of Mankind! Conservative estimates peg the total of the mortgage and securities fraud connected to it at 1,500 Trillion dollars!Part of the task force was designed to go after and bring to justice financial institutions and predatory lenders that were the underlying cause for the financial melt down. Mortgage brokers acting as agents for these lenders preyed on a large number of black and spanish citizens. Selling risky mortgage packages with little or no criteria to qualify, the bottom fell out as soon as the economy went south and the mortgage defaults started coming in. To make matters worse Wall Street "wizards" sold the loans as financial derivatives on the open market with fancy names like "High Grade Select Premium Fund" (Securities Fraud) that money mangers could not buy enough of. The fall out was so wide spread that even Americans involved in the most conservative 401k plans saw their retirement and pension plans literally decimated in a matter of months. Even as the awful outcome became a foregone conclusion self serving stock brokers told their clients to "hold on", it will turn around, and don't cash out. It never did turn around as a small percentage of large hedge fund managers on the other side of the trade bet against sub-prime derivatives(shorting) and made billions overnight riding the real estate market into the ground.
Buy you say the banks only violated internal guideliines?
Ill change my position when people actually start getting convicted of the "crime" of predatory lending, not just investigated, or indicted.
Obama is sending the justice department into this fray because it is the politically expident thing to do. I have a feeling they won't turn up much indcitable actions.
I did a quick search to find any federal regulations regarding loan underwriting etc, and found mostly stuff from AFTER the crisis. Also most of these relate only to loans through specific programs, such as FHA.
Sadly, he's right.
That is exactly why we must change some laws and policies regarding banking.
So, you just caught Obama in a blatant lie.Ah so..the class warfare charge is what? Not true?
No, you silly Canis...
...it shows that this scoundrel talks out of both sides of his mouth!
How do you feel now, having fallen for the "Hope and Change" line...?
Not following the news..are we?
Prosecutors said Rajaratnam made as much as $75 million in all by cultivating a network of friends, former classmates and other tipsters at various companies and investment firms who supplied him with early word on such things as mergers and earnings announcements. In return, they received kickbacks or a chance to get in on the action.
Among the companies he profited from were Google, IBM, Hilton Hotels, Intel, Advanced Micro Devices and Goldman Sachs.
The sentencing was the last major act in a series of prosecutions that followed Rajaratnam's arrest in 2009, the same year he was ranked No. 559 by Forbes magazine among the world's wealthiest billionaires, with a $1.3 billion net worth. More than two dozen people were arrested in the investigation, nicknamed Perfect Hedge, and all were convicted.
Hedge fund exec gets 11 years for insider trading - BusinessWeek
Ah so..the class warfare charge is what? Not true?
