they wont go after wall st wrong doers.

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they wont go after wall st wrong doers. - 10/5/2008 11:00:46 AM

pahunkboy

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http://www.washingtonpost.com/wp-dyn/content/article/2008/10/02/AR2008100203631.html?hpid=topnews

what a cock of shit

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RE: they wont go after wall st wrong doers. - 10/5/2008 12:00:44 PM

Lorr47

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They never intended to go after the wrongdoers. In addition this $700 billion has nothing to do with main street. This bailout was for the banks. Mort Zuckerman (Buffet's buddy) was clear on the McClaughlin report. This bailout will only marginally help mainstreet. There has to be a second bailout to save mainstreet. This one is to flush the derivatives out of the banking system. Buffet was not that blunt but said the same thing. Buffet said that what the government was trying to do in regard to derivatives was not the same as he and Zuckerman were doing. Later the liquidity for mainstreet will have to be addressed.

That they are placing the derivatives back in the hands of the portfolio managers who created this mess and thereby creating a massive conflict of interest shows that they have no interest in punishing Wall Street wrongdoers. By the time the thieves get done with derivatives the second time, all evidence will be gone. Both Buffet and Zuckerman screamed about buying derivatives above market as being theft, but the government is going to do it again. A director at AIG does not see how reverse auctions could possibly work and just laughs at using this plan to value and sell securities created using insurance policies.

As if all these problems were not enough, they added massive spending programs for the tuna industry, the wool industry and the like. Then they topped the whole thing off by including a massive increase in the powers the IRS has.

The banking system got its bailout and the taxpayers got screwed. My daughter has an American Express card with a limit of $30,000 she uses to buy inventory for Christmas. She always pays it off by January. The balance was at zero when she got a letter last week reducing her limit to $5,000. She called American Express to see what happened to her creditworthiness. American Express said that her credit was fine; that American Express simply will not have the money to loan her this Christmas. Bend over.

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RE: they wont go after wall st wrong doers. - 10/5/2008 1:04:47 PM

TNstepsout

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It has to trickle down and that will take time. I was watching financial news earlier and they were talking about the crisis in lending within banks. Banks will not loan to one another because they can't be sure the bank will be around to pay it back! That's why banking had to be propped up. If banks won't loan to one another because of fear of bank failure, that could CAUSE the bank failure. The more banks that fail, the worse the fear is, and the less loaning there will be. It's a vicious circle.

The situation you describe with your daughter is exactly how this situation is affection small business and every day people. But what you are seeing now has been happening within banks for quite a while now. It has taken that long to hit the streets and it will take as long to help the street as it did to hurt it-or maybe longer.

They might be able to go after Wall Street wrong doers, but only if existing laws were broken. The problem we have is that in most cases all of the reckless lending done was completely legal under existing laws. It might not have been the most responsible or prudent, but it wasn't illegal. I know we'll see added regulation. I don't know if that's considered "going after wrongdoers" but it will effect they way business is done in the future and likely have a significant impact on Wall Street and it's profits.

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RE: they wont go after wall st wrong doers. - 10/5/2008 1:44:12 PM

Lorr47

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I would be satisfied if the portfolio managers were investigated with an aim to pursue litigation for negligence, misfeasance, malfeasance or breach of fiduciary duty. However, from Zuckermans statements it will be well in the future before they even think about looking into that area and then Zuckerman just rolls his eyes. In any case allowing the portfolio managers a second go at the derivatives would seem to be asking for any presently existing evidence of wrongdoing to disappear. But, of course the portfolio managers will probably look at that bill, see all the pork and think it is allright to do whatever they want. Buying the direvatives above market allows so much room for further diasasters. Don't mind me. I am typical of Michigan. Step granddaughters, step greatgrandchildren, 44 year old step sons and their girlfriends have all moved back home and cannot find jobs. I cannot blame them, but I can blame the politicains who fiddled while the US burned down.

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RE: they wont go after wall st wrong doers. - 10/6/2008 5:57:40 AM

UncleNasty

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The bigger the crime the less likely any kind of serious investigation or prosecution will ever take place.

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RE: they wont go after wall st wrong doers. - 10/6/2008 6:37:15 AM

pahunkboy

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Uncle, I dont think most have an idea as to just how serious this matter is. ..and how this wont fix it.

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RE: they wont go after wall st wrong doers. - 10/6/2008 6:43:47 AM

LadyEllen

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Whats interesting about high value and complex cases such as this would be if investigated, is that the evidence to be presented is often so complex that jurors, even lawyers and judges are unable to comprehend it, with the all too frequent outcome that prosecutions are terminated for want of any prospect of a fair outcome either way.

E

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RE: they wont go after wall st wrong doers. - 10/6/2008 6:52:31 AM

Sanity

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Normally, Barney Frank and the rest of the Congressional Democratic clowns would have had a huge three ring circus of hearings going by this time.

I wonder what could possibly be stopping them?

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RE: they wont go after wall st wrong doers. - 10/6/2008 6:53:27 AM

pahunkboy

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quote:

ORIGINAL: LadyEllen

Whats interesting about high value and complex cases such as this would be if investigated, is that the evidence to be presented is often so complex that jurors, even lawyers and judges are unable to comprehend it, with the all too frequent outcome that prosecutions are terminated for want of any prospect of a fair outcome either way.

E

I am sidestepping as usual.

I dont like the idea if US troops on US soil.

The idea chills me. I am trying to picture how locals would respond.

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RE: they wont go after wall st wrong doers. - 10/6/2008 7:01:49 AM

proprietedeese

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Politician yell for more oversight, there was oversight. It was called fannie mae. They kept knowingly buying bad paper then fixing the books. Look at how much the past ceos made that ran fanie into the ground, its over 100 million. No one will hold them accountable because the ones entrusted to do so(politicians) were sold out to them.

They want us to give all this power to the fed who sat and watched this all play out until one day they decide to put a gun to our heads and hold us up for 700 billion.

The sad thing is all these same politicians, and businessmen will all have jobs next year. As for the rest of us, we cant be so sure.

One man has sole power to spend 700 billion to fix a mess he watched happen and did nothing. All they did was lower interest rates and make it easier to get more under the insane cieling of debt we have built for ourselves.

Houses that go for 500k arent really worth 200K. The money should go to pay down these riduculous mortgages and reevaluate the values of these homes. If real estate value come down 700 billion worth, homes wil be affordable again and most people wont be in foreclosure and making the payments.

But that wont happen. They took our money and will use it to keep the power and money in the hands of Hank Paulsons friends.

To me its not serious, fuck it, you want change, you gotta let it change. Let the free market work. You ake bad laws that let banks give credit to anyone, you get unelected. You make those bad loans and dont do anything about it, you lose your job and your precious bank. You invest other peoples money in garbage you goto jail. If everyone invests other peoples money in garbage you crash your cash cow once and for all.

Thinkgs will always come back, there is value in america for everyone.The problem is all this credit is overvaluing everything and no one can aford shit unless its on a card and paying 20%. Its a viciuos cycle, but we need to change our politicians and let the banking system overhaul itself.

It is not the free market that caused this, its regulations that dont take into consideration the consequences and then doingnothing when those consequences are imminent.

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RE: they wont go after wall st wrong doers. - 10/6/2008 7:12:16 AM

pahunkboy

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I keep forgetting how many houses I own.

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RE: they wont go after wall st wrong doers. - 10/6/2008 7:13:41 AM

Sanity

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How much property has been given to you recently.

quote:

ORIGINAL: pahunkboy

I keep forgetting how many houses I own.

< Message edited by Sanity -- 10/6/2008 7:23:52 AM >

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