Tag Archives: Wall Street

U.S. Corruption: A Summary of Recent Reports

 

corruption threat to liberty (image by DonkeyHotey)
corruption threat to liberty
(image by DonkeyHotey)

By  , opednews.com – 

On 24 April 2014, Jake Bernstein at ProPublica headlined, “Judge Tosses Retaliation Lawsuit by Fired N.Y. Fed Examiner,” and reported that when Carmen Segarra, “a lawyer, was hired [on 31 October 2011] along with other examiners for her expertise in compliance,” as part of the N.Y. Fed’s new initiative to “ramp up its supervision of nine so-called ‘Too-Big-To-Fail’ financial institutions” and she found that “Goldman Sachs lacked a firm-wide conflict-of-interest policy,” her three bosses ordered her to eliminate her finding, she refused to do so, and she was fired on 23 May 2012. She then filed charges against them and the N.Y. Fed; she “argued that numerous laws and regulations underpinned” her findings in the case; and the judge, whose husband was an attorney “representing Goldman Sachs in an advisory capacity” in the case, wrote in her ruling, that “Plaintiff [Segarra] has failed to state a cause of action.” This judge “had also previously worked at a law firm with the Fed’s lead counsel in the case.” In other words: Don’t whistle-blow if you’re hired as a regulator and you find that a firm you’re regulating isn’t doing what the laws and regulations say they should. The judge ordered “to terminate the motions … and to close the case.” This was “regulation,” in today’s United States: Don’t do your job — or else! (Or else you’ll be fired for doing it.)

 

Also on 24 April 2014, the Center for Public Integrity headlined “Meet the Banking Caucus, Wall Street’s secret weapon in Washington: Lawmakers help industry donors beat back tougher rules,” and a team reported that: “Members of this Banking Caucus receive massive financial support from the industry and collaborate with industry lobbyists to block or roll back efforts to tighten oversight of financial firms. Lobbyists help draft legislation and write questions for lawmakers to ask at hearings. Lawmakers help drum up support for lobbyists’ pet issues.”

 

The next day, yet another team at the Center for Public Integrity bannered, “What Happens When a Dark Money Group Blows Off IRS Rules? Nothing. The Government Integrity Fund spent most of its money on election ads, despite IRS rules prohibiting a social welfare nonprofit from doing so.” The Government Integrity Fund was an Ohio nonprofit set up by aristocrats to oust the most progressive U.S. Senator, Ohio’s Senator Sherrod Brown, and to install in his place a very conservative Republican, Josh Mandel. You can see the top 20 known contributors to each of these two contenders at opensecrets.org where the biggest two for Brown were Ohio State University ($113,980), and JStreet PAC ($110,990), and the biggest two for Mandel were Senate Conservatives Fund (former Republican U.S. Senator Jim DeMint’s bundling operation) ($360,319), and Club For Growth (a Wall Street front) ($301,553). However, the Government Integrity Fund reported too late to make that list, and when they finally did report at opensecrets.org, they reported spending $1.3 million for Mandel, who nonetheless ended up with only 45% of the vote. Somehow, the most progressive U.S. Senator, Sherrod Brown, just kept on winning, even in his middle-of-the-road state of Ohio, despite everything that conservative aristocrats have been able to throw at him. Barack Obama’s IRS refused to enforce the law against the clear legal violation by Mandel’s largest donor-group: Government Integrity Fund. Continue…

 

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Part RANT part just plain WEARY

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                   By Sherry Pasquarello,WWH/CJE 

Have you seen this? I watched an interview with the author last night.

One-Percent Jokes and Plutocrats in Drag: What I Saw When I Crashed a Wall Street Secret Society

Recently, our nation’s financial chieftains have been feeling a little unloved. Venture capitalists are comparing the persecution of the rich to the plight ofJews at Kristallnacht, Wall Street titans are saying that they’re sick of being beaten up, and this week, a billionaire investor, Wilbur Ross, proclaimed that “the 1 percent is being picked on for political reasons.”

Ross’s statement seemed particularly odd, because two years ago, I met Ross at an event that might single-handedly explain why the rest of the country still hates financial tycoons – the annual black-tie induction ceremony of a secret Wall Street fraternity called Kappa Beta Phi.

Read the rest… http://nymag.com/daily/intelligencer/2014/02/i-crashed-a-wall-street-secret-society.html

It didn’t surprise me. Well, except for the embarrassingly childishness of the new robber barons. Damn, nothing like the 1 percenters writing and preforming songs and skits about rampant greed and shady deals, designed to entertain the 1 percenter audience in their tuxes and designer gowns. Yes, chuckles and belly laughs were had. It just goes to show that these uber-wealthy puppet masters still have the mindset and maturity of junior high school bullies. THAT should scare us more than the fact that these men are in a large degree the power behind the throne, worldwide. We are hostage to a bunch of junior high school creeps with all the money in the world to get away with making our lives miserable every single day- we don’t even get a rest for summer vacation from these jerks!

Me? I am halfway between a damn good rant and a strong urge to crawl back in bed. Hell, I can’t even threaten to pack up and leave the country (not that I have the cash)! There is no country where these guys do not have influence. Well, maybe Somalia, but I am not sure about that.

What I do know is that no matter how tempting, we can’t go back to bed. YES, we will never be rid of these 1 percenters. I don’t begrudge them their money. I do hold them responsible for their greed and their almost sociopathic attitudes. I call them out on their unpatriotic ethics. “Affluenza” is a condition that they ( or we) can cure!

Votes matter. We have to keep them in check!

Peace