Right Oldhippiejan Consider: Savings and Loan debaucle: 89′ – 93″ 10,000 criminal referals, 1,000 elite bankers jailed – all were in the top100 banks, 1000 FBI agent investigated and had a conviction rate of around 91%. There were 10,000 criminal referals. Extreme Fraud was the main offense along with others violations. 743 out of 3234 banks involved. Taxpayer made most of this whole again. Something like 150 billion.
The housing bubble 2006 – 08 and the resulting finanical crises we’re presently in. It is 70 times greater than the S&L crisis mentioned above. All driven by Fraud again. The bad liar loans in 2006 where 1 in 3, resulting in 2 million bad loans and it was the bankers and real estate brokers that lied with minor participation from the public encouraged by government. This debaucle resulted in the loss of 10 million jobs and a loss of 11 trillion dollars. Again, the taxpayer is making most of this whole
By the time it was over 120 FBI agents where supposed to investigating 4 million fraud cases. The number of CRIMINAL REFERALS – ZERO, the numbers of CONVICTIONS – ZERO. COMPARE THESE NUMBERS, WITH S&L ABOVE.
I have proof that Goldman Sachs manupilated the price of gas in 08′ to over $4/gal for profits only. They bundle bad mortages and with a bit of ” good stuff” sold it as a “good investment” than knowing it would fail – shorted it. Faud again
Recently, BofA transfered the derivative risk of MLynch (the investment arm of BofA) to the retail side of BofA. BofA had a collateral call on there 60 trillion of derivative exposure. By moving the “risk” to the retail side of the bank they are now “protected” by the 1.2 trillion in deposits (made by you and me) and the FDIC. Now the depsitors are “Second” inline in case of a default on 60 trillion dollars of contracts. Depositors don’t even know they’re at risk. I can give you 100 more examples just this year.
How would Jamie Dimon like it if I wrote off my business loses this year to him? Further, he didn’t know that I was going to do it,……I just went in and took the money out of his account to make myself whole. Not to nice is it.
Consider also: regulators are examining whether MF Global diverted some customer money to support its own trades as the firm teetered on the brink of collapse. If that was the case, it could violate a fundamental tenet of Wall Street regulation: Customers’ money must be kept separate from company money. It looks like MF massively inflated margin requirements so that Corzine could tap the overage between the Exchange’s SPAN requirement and the MF Global requirement, and use that difference to prop up his proprietary trades. This is very illegal. There are other Primary Dealers that will fall in the weeks ahead.
I find it very comical that people ask why the OWS people are there. If you have to ask that question your either brain dead or totally unconscious in view of the above.
This is a very feisty web site: Non-Violent way to stop all this looting, BOMBING, WAR, STEALING, ETC…….NO ONE PAYS THERE TAXES!!!! 300 MILLION CAN’T GO TO JAIL! DO NOT FEED THE BEAST!!!!!!!!! EASY AND NONVIOLENT. NO MONEY NO GOVERNMENT.
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