Crimes suspected in 20 bailout cases -- for starters - Los Angeles Times »
Posted By cowboygrandpa 7 months, 2 weeks ago in Political NewsFTA
"In the first major disclosure of corruption in the $750-billion financial bailout program, federal investigators said Monday they have opened 20 criminal probes into possible securities fraud, tax violations, insider trading and other crimes."
"The latter has sparked greater concern because of the possibility that buyers could collude to manipulate prices and extract kickbacks,with the government taking virtually all the risk."
Sound familiar ??
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cowboygrandpa
God gave us salvation through His Son Jesus Christ. Who came to earth in the flesh and gave His life for us on the cross ...
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cowboygrandpa7 months, 2 weeks ago
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FTA
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"You don't need an entirely corrupt institution to pull one of these schemes off," Barofsky said. "You only need a few corrupt managers whose compensation may be tied to the performance of these assets in order to effectively pull off a collusion or a kickback scheme."
Yep !!!
That is what we have had going on for to long. I don't know about you but to me, 20 cases is just a scratch of the surface for the scumbag criminals who are stealing from us.-
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hyperbola7 months, 2 weeks ago
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Corruption was predictable (and predicted) from day one. Letting the corrupt insiders who created the crash (whether Paulson in the Bush administration or Summers and Geithner in the Obama administration) simply set up a scenario for more corruption. Here is what a Nobel Prize winner in economics and member of the Clinton administration says about the "recovery plan".
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Obama’s Ersatz Capitalism
THE Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose.
Treasury hopes to get us out of the mess by replicating the flawed system that the private sector used to bring the world crashing down, with a proposal marked by overleveraging in the public sector, excessive complexity, poor incentives and a lack of transparency.
....The main problem is not a lack of liquidity. If it were, then a far simpler program would work: just provide the funds without loan guarantees. The real issue is that the banks made bad loans in a bubble and were highly leveraged. They have lost their capital, and this capital has to be replaced.
Paying fair market values for the assets will not work. Only by overpaying for the assets will the banks be adequately recapitalized. But overpaying for the assets simply shifts the losses to the government. In other words, the Geithner plan works only if and when the taxpayer loses big time.
Some Americans are afraid that the government might temporarily “nationalize” the banks, but that option would be preferable to the Geithner plan. After all, the F.D.I.C. has taken control of failing banks before, and done it well. It has even nationalized large institutions like Continental Illinois (taken over in 1984, back in private hands a few years later), and Washington Mutual (seized last September, and immediately resold).
What the Obama administration is doing is far worse than nationalization: it is ersatz capitalism, the privatizing of gains and the socializing of losses. It is a “partnership” in which one partner robs the other. And such partnerships — with the private sector in control — have perverse incentives, worse even than the ones that got us into the mess. ...
http://www.nytimes.com/2009/04/01/opinion/01stigli...
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bubba27 months, 2 weeks ago
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That 750 billion handout to banks and wall street had no string attached!
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Most of the people that caused the economic crises are the ones that got their hands on that money.
It is no wonder that those 'people' have misused that money just like they have misused the money gained from 'investments' and loans and mortgages. -
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bubba27 months, 2 weeks ago
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Hang on to that job ...
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I was laid off from FedEx almost 3 weeks ago.
After over 20 years at that company, I've been thrust back into the realm of job-hunting. It is a funky experience - re-doing my resume, identifying and making use of online resources for available jobs - I thought I would be able to work at FedEx until I retired.
Boy, was I wrong!
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libsRfunnyComment removed: Hard Banned5 Replies
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DarkWizard7 months, 2 weeks ago
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FTA - "Among the toughest recommendations in the report is for the Treasury to abandon its planned structure for buying the toxic securities, which include intricate bundles of bad mortgages and loans, before it gets rolling."
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How can federal investigators monitor and evaluate fraud and other abuses when only a few individuals, who crafted the financial instruments in question, know how the system works?
The only way I see this investigation really catching fraud criminals is if charges are brought against some of these high level criminals and they basically plea bargain to work as watchdogs, turning in their own kind, for reduced sentences. -
prophyporcritesComment removed: Spammer, Hard Banned
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bubba27 months, 2 weeks ago
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There is NO proof of that.
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All of the current stories can only say that Feinstein "offered" to "help" the chairwoman of the Federal Deposit Insurance Corp. secure federal funds last year, just days before the agency awarded a contract to Feinstein's husband's firm in the housing foreclosure crisis.
There is NO proof anywhere that either Feinstein or her husband had any prior knowledge about the FDIC's intent to award contracts.
The contracting decision was made by a team of FDIC permanent staff and no one outside of the group was aware that Feinstein's husband's firm was under consideration.
Why don't you complain about the "scumbags" that have ALREADY been proven to be such instead of spreading around inaccuracies and innuendo?
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lloydm657 months, 1 week ago
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bubba2 I hate to hear about your job loss.I used to use Fedex when I still had a business they have a large presents here in Garland TX.The illegals took over all construction in the metro plex. many years ago crowding out all honest tax paying citizens.Americans want to be employees,while the illegals just want be workers.I can't wait until we get amnisty,and see at least a hundred million more hispanics here in a couple of years.You won't have to worry about Fedex they have plenty of cheaper,and younger workers.
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dunkirk7 months, 1 week ago
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"The illegals took over all construction in the metro plex. many years ago crowding out all honest tax paying citizens."
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Seems to me what you;re saying is that the COMPANIES doing the construction decided to hire cheaper labor. Why doesn;t the REPUBLICAN governor of Texas go after those companies for hiring illegals??
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