I totally agree, if it is truly practical progressivism and not smoke and mirrors for protecting the interests of investment bankers.
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Third party voters in Michigan, Pa., and Wisconsin gave Trump the White House. Stein is complicit.
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Thanks for the response but you’re starting with a lot of assumptions. It was two decades after the S&L scandal and the banksters weren’t looking over their shoulders. All was forgotten. They would have been very ‘concerned’ if the 2008 crash happened within five years of the S&L crisis. The prosecution percentage in the S&L crisis was close to 100% - with jail time convictions. So to dismiss it as ‘didn’t convince the banksters’ is to dismiss the success of the S&L crisis.
And lawyers ‘passing on opinions’ does not negate mens rea. It’s simply a legal smoke screen. There was definitely intention or knowledge of wrongdoing. Many CDO’s were designed to fail. Magnetar’s CDO’s were the perfect example.
I don’t know of any criminal referrals that led to prosecutions by Holder. In fact, Holder never reestablished the criminal referral process, which is from the banking regulatory agencies. They’re the ones who go after the bank CEO’s. Holder could have reestablished that criminal referral on the first day in office. And when he left the Obama administration he still hadn’t done it. So I don’t know where you’re coming up with these two prosecutions and what made them as the best chance for a successful prosecutions.
But most of that really doesn’t matter. Control Fraud was used successfully with an almost 100% conviction rate in the S&L crisis yet you seem to dismiss it. Holder never considered using it. Why, b/c a few smart lawyers put up the ‘intention’ smokescreen, the ‘gosh I had no knowledge of what was going on defense?’ I don’t think any 50 year old bankster who was ‘living the dream’ and had a family, was even remotely willing to take the chance of winding up in a federal penitentiary. Do you? Deals could have been made. But Holder couldn’t be bothered. If there was any ‘intention’ at all it was with the Obama administration, as was reported, to ‘looking forward, not back’.
But the real fraudulent activity was in the rating game and the rating agencies. And Goldman Sachs was their biggest customer. GS would buy up thousands of mortgages, bundle them into a single security, brings it to Moody’s and have it rated AAA paper, in effect setting up their own credit standards. Without that rating their (GS) product was worthless in selling to big state pension funds, as they were forbidden to buy these products if they were not rated AAA. But GS could and did sell them to the single investors and foreign banks. And that investor would have no idea of the underlining mortgages or the truncating process used to bury the subprime mortgages within the products, and nor did they care b/c what they they were buying were rated AAA.
Moody’s knew what was going on and so did GS. They also knew almost half of the bundled mortgages were NINA loans with no income or asset verification. But investors never knew these facts, all they saw was the AAA rating.
Investment houses like GS were so busy selling mortgages they set up SPV’s - a special-purpose vehicle, a ghost corp, financed by selling bonds in a dozen tiers,deliberately separating the risk and payments - protecting the real AAA mortgage paper when and if the sub-prime paper in the bundle started to default. It was like a sophisticated Ponzi scheme and what the movie Big Short was all about, shorting ARM’s due within a year that already had a high default rate.
The banks and investment houses involved in this fraud would have fallen over like bowling pins if efforts were taken by Holder, with Obama’s blessing, to investigate and prosecute. But it wasn’t to be. There were no real reasons not to. IMO, you’re giving me excuses, not reasons.
If you can’t add any content chammy (other than insults), please STFU.
And relief to the homeowners
LOL! What relief?
The salient point however is that Dodd-Frank puts in place protections to prevent a cascading failure.
Right. Banks are 50% bigger than in 2010. No possible cascading failure you say? Sure, they’ll fill out the required DF will and slowly dis-invest. Right.
Still the same old ass-kisser I remember.
Never once said any bank could not fail. But it would not cause a systemic threat and Dodd-Frank as requires planning be in place for unwinding collapsing institutions as well as much higher capitalization requirements.
And size is irrelevant, it is assets vs. reserves.
But as always… SQUIRREL!
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Amusingly enough I remember grumbling back when Warren first ran that she couldn’t be a progressive because she only converted from republicanism far too late. Or something. So it’s entertaining now to watch her being held up as some sort of a model of the left.
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I was troubled when I got an email from Elizabeth Warren today asking for my money. We don’t like the same people. So I quit her and unsubscribed frim those. I can’t believe she wants a working woman like me to give her money.
Story about Cantor Fitzgerald The Amazing And Heartbreaking Story Of The CEO Who Lived And Rebuilt His Firm After 9/11: Howard Lutnick
Haters, faking faux outrage!
You go back and do the math - How many copies of “Dreams of my father” and “Audacity of Hope” sold worldwide, to catapult Obama’s net worth to $11 million?
I’m about to vomit, witnessing all this sanctimonious belching from Sanders, Warren or any progressive, polishing their virtue dung.
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And good for you, because you can’t do math apparently.
The highest grossing Harry Potter book brought in about $35 million.
Bush’s book deal was $7 million.
Think about that as you clean up your mess.
Washington Monthly reports that Fox started the story because it figured “Progressives” would behave as they did. They also point out the racism of the objections. Read if you dare.
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To a person they’re ignorant of how the sausage that they consume gets made.
You don’t get to call me sweetheart, misogyny boy.
Secondly, the former President is speaking at a health conference for a company that donates millions to philanthropic work…but SQUIRREL! Oh, and he’s also stated most if not all that money is going into the foundation they created to organize, fund, and support Democrats getting elected from bottom up. So, SQUIRREL REDUX!
Maybe it’s time for you to take both hands off the computer so you can wank properly instead of all over this forum. Your stupidity has to be painful.
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Blah blah blah.
Excellent reply! Exactly what I expected from you.
I’ll keep on dancing, you keep on fuming you sad little man. LALALALAAALALALAAA
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You’re just another centrist Dem JJ. Go away,find a Mountie and help him wank in your face.
But that’s all you got JJ. Sad and pathetic at the same time
You still have not addressed the issue about not prosecuting the banksters. Instead you seem more interested in wanting. Must be a Trudeau thing. Enjoy!
Look at you losing your shit. I AM ALIVE WITH GLEE!
Poor soiled little dove. That purity cloak didn’t do shit to protect you. Maybe you can use the pages from Bernie’s latest book to clean yourself up with - or better yet, the articles about the FBI investigation into his wife tanking Burlington College while she funneled money to their daughter.
Me? I’ll dance on the wilted dreams of your phony socialist BS.
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